Look for weakness in listed Nickel plays as the commodity falls most in 16 weeks
Look for weakness in listed Nickel plays as the commodity falls most in 16 weeks. Bloomberg reports, Nickel prices tumbled 5 percent on speculation that a ban of ore exports won't occur anytime soon by the Philippines, the largest supplier to China... The Philippines last month proposed a bill to require ore minerals to be processed before shipment... Prices in London have surged 36 percent this year after export restrictions took effect in Indonesia, the world's top producer of the mined metal. Names such as Western Areas (WSA) and Sirius Resources (SIR) have been beneficiaries of the strong backdrop for Nickel. Both stocks are now sitting close to 12 month highs and could see some pressure today should further speculation around the Nickel price gain momentum. Here is the article from Bloomberg. (VIEW LINK)
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