*Technical* Noble staged a breakdown below the 1.80 (200-days EMA) level.
If Noble fails to hold near the 1.80 level, more downside may be expected with the next test of support at 1.70
Noble - as the marketer for India sourced iron ore to China steel producers may see its iron ore revenue decline as India considers banning overseas sales to boost local supplies and curb domestic cost. Indian finance ministry is also reviewing the tax on iron ore exporter. According to Federation of Indian Mineral Industries, iron ore shipment may drop 25% this fiscal year as the government has been increasing export tax and duty tax.
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