Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Friday December 7, supported by an uptick in equity indices while a softer US dollar index helped most three-month prices reverse Thursday's losses.
Despite low volumes in LME trading, with aluminium's 11,723 lots topping the complex, strong afternoon trading resulted in intraday highs for aluminium, nickel and tin futures, with the latter climbing $75 per tonne on just 190 lots traded. While nickel failed to close above $11,000 per tonne, the metal's high-low trading range was close to $200 per tonne - or 1.5% of the three-month nickel price - while strong demand from the stainless steel and electric vehicle sectors continue to contribute to investor buying. "While the recent sell-off may be viewed as a dip-buying opportunity by longer-term investors, the immediate price rebound has run into...