Base metals prices on the London Metal Exchange are mostly recovering during morning trading on Wednesday February 7 following Tuesday's sell-off.
The three-month nickel price lost nearly $400 per tonne yesterday but has now recovered back above $13,500 per tonne. "When the demand improves after Chinese New Year holidays [February 15-21], the fall in LME nickel inventories will speed up," an analyst at Galaxy Futures said. Nickel stocks on the London Metal Exchange have fallen for 12 consecutive days with a further 2,328 tonnes delivered out today alongside 1,056 tonnes freshly cancelled. A recovery in the US stock markets helped ease the risk-off tone which had pervaded the market earlier this week. Aluminium, tin and zinc prices all recovered slightly to trade in positive territory after...