Nickel Drops from Six-week High on China News

Bloomberg reported that on Monday, nickel retreated from a six-week high due to an interest rate cut in China. Other industrial metals on the London Metal Exchange also sank.

As quoted in the market news:

Nickel fell as much as 1.2 percent after closing on Nov. 21 at the highest price since Oct. 9. Inventories of the metal tracked by the LME climbed to a record 394,770 metric tons on Nov. 21, according to bourse data. Goldman Sachs Group Inc. cut its 2015 price forecast by 20 percent last week, citing sustained production in China of nickel pig iron, a lower-grade alternative. The country is the biggest consumer of nickel.

Nickel for delivery in three months on the LME declined $72 to $16,553 a ton at 3:27 p.m. in Hong Kong. The metal rose 1.7 percent to close at $16,625 on Nov. 21.

Click here to read the full Bloomberg report.