Nickel trading range for the day is 550.2-573.2. Nickel dropped as developments on the supply-side also suggest caution and a less bullish view towards nickel.
The People's Bank of China will keep policy slightly loose to support the economy, which still faces downward pressure.
The U.S. Labor Department said initial jobless claims fell by 10,000 for the week ended on May 20 to 268,000, slightly below expectations of 275,000.
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