LME Nickel Prices Down on Lowered Economic Growth Forecasts

Shanghai Metals Market reported that after opening at US$14,876, London Metal Exchange nickel prices closed at $14,810 on the back of the Organisation for Economic Co-operation and Development’s lowered economic growth expectations for China and the Eurozone.

As quoted in the market news:

LME nickel prices overnight opened at USD 14,876/mt. As the US dollar index fell back to 84 after opening, LME nickel prices climbed to USD 14,905/mt. But Germany’s employment figures fell short of expectations, with the number of unemployment in May 21,000. The OECD also downgraded its outlook for global economic growth in 2013 from 3.4%, to 3.1%, and the forecast of China’s economic growth from 8.5%, to 7.8%. Anticipation of economic growth in the euro zone was lowered from a 0.1% shrink to a contraction of 0.6%, which continued to affect market sentiment. In this context, LME nickel prices inched down and closed at USD 14,810/mt, down USD 66/mt.

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