Base metals on the London Metal Exchange were lower across the board during morning trading on Friday August 3, facing pressure from a firmer US dollar index while intensified US-China trade tensions keep investors cautious.
Despite robust demand from the stainless steel and electric vehicle (EV) sectors, as well as a wide contango in the cash/three-month spread at $93.75 per tonne, nickel prices continue to edge back towards $13,000 per tonne, falling more than 7% since the July 31 high of $14,120 per tonne.Pressuring global equity markets, the escalating trade rift between the United States and China sent Asian equities sliding over the week, with a 4% selloff in China's stock market while the Hang Seng fell 2.2% on Wednesday.Similarly, the Chinese yuan continues to tick lower, falling to a 15-month low against the US dollar at 6.8 yuan per dollar, and on track...