Base metals on the London Metal Exchange finished mostly lower at the close of trading on Thursday August 2, pressured by the re-emergence of trade tensions between the United States and China in addition to a seasonal slowdown over the summer period.
Falling 2% over the afternoon, nickel prices continue to track lower on macroeconomic factors, while declining stocks, robust demand and a large contango in the nearby cash/three-month spread - last seen in a $93.75 per tonne contango - support gradual upticks. That said, price rallies earlier in the week have been largely limited by instability in the global stock markets, while escalating trade tensions between the US and China add further pressure to the complex. "Trump's talks with China rattled Asian futures overnight, and base metals piled off onto their lows over the morning period," Kingdom Futures director and chief executive officer Malcolm Freeman...