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Reuters reported that nickel reached its weakest price in six weeks on Monday, while copper hit its lowest point in a month. Those declines came on the back of concern about Chinese growth.
Reuters reported that nickel reached its weakest price in six weeks on Monday, while copper hit its lowest point in a month. Those declines came on the back of concern about Chinese growth.
As quoted in the market news:
Three-month copper on the London Metal Exchange fell for the seventh straight session. The price dropped to $4,757.50 a tonne, its lowest since March 3, before paring losses to close at $4,760.50, down 1.5 per cent.
The metal has tumbled by more than 6 per cent since hitting a four-month peak of $5,131 in mid-March.
LME nickel rose 0.6 per cent to finish at $8,370 a tonne, bouncing after hitting $8,245, its weakest since Feb. 17.
LME nickel inventories edged higher, highlighting oversupply of the metal mainly used to make stainless steel.
“Nickel inventories are not really moving in the right direction. We’ve still got about 505,000 tonnes combined in LME and Shanghai,” Wilson said.