Base metals prices on the London Metal Exchange were collectively lower at the close of trading on Thursday December 6, with downward pressure emerging across global equity indices in addition to a sharp downturn in oil futures, which tricked through to metals prices.
Prompting the sell-off, escalating concerns over trade tensions between the United States and China continued to deter investors, after Huawei Technologies' chief financial officer was arrested in Canada today, indicating further roadblocks regarding the two countries' 90-day tariff truce.In addition, equity markets fell over the afternoon, which added further pressure - with the Dow Jones Industrial average down 1.8%, the S&P 500 index down 1.9% and Europe's STOXX 600 down 2% and hitting its lowest level since June 2016.Falling furthest over the afternoon, the three-month nickel price shed more than 3% and closed below $11,000 per tonne despite trading above the support level in December so far. Equally, aluminium futures were subject to downward pressure over the afternoon, falling by 1.7%...