LME Nickel Sinks Below $20,000 per Tonne Once Again

FastMarkets reported that during this morning’s London Metal Exchange (LME) premarket, nickel was the biggest mover, falling below $20,000 per tonne once again following a sharp gain yesterday.

As quoted in the market news:

‘Excluding nickel, which is doing its own thing, the rest of the base metals appear to be edging higher in what seems like fairly well balanced markets,’ FastMarkets head of research William Adams said. ‘If prices start to break higher above recent resistance then there may well be a bit of a pick-up in buying interest, but we would continue to expect scale up selling to keep markets broadly rangebound.’

He added that for nickel, the dip last week has attacted solid buying support, suggesting that buyers latched on to the buying opportunity, but having seen selling up at the higher levels, that producers may well now be looking to scale up sell leading to further yo-yo effects.

Click here to read the full FastMarkets report.