Chinese Factory Data Weighs on Nickel Price

Bloomberg reported that the nickel price sank Thursday on the back of new Chinese factory data. Meanwhile, base metal copper was headed for its largest weekly drop since November.

As quoted in the market news:

‘Metals prices should feel pressure from the weaker-than-expected PPI figure as it reflects inactivity in Chinese real economy,’ said Lian Zheng, an analyst at Xinhu Futures Co. in Shanghai.

Nickel for delivery in three months fell as much as 0.8 percent to $15,423 a metric ton on the London Metal Exchange and traded at $15,484 a ton at 3:12 p.m. in Shanghai.

Click here to read the full Bloomberg report.