Nickel prices remain in consolidation mode and seemingly undecided about where to go next. We are aware of some traders still viewing this as a pause and looking for another run to the upside, while others have called a top for the time being and are looking for further weakness. We remain in the latter camp, and price action lately seems consistent with this view. Technically, immediate support is at around $18,000/tonne and prices are working closer to this level. The target would be the low $17,000s after that.
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