Base metals prices on the London Metal Exchange were collectively lower at the close of trading on Friday March 8, with most metals ending the week down despite strong fundamentals across the complex and continued market optimism over US-China trade resolution.
Losing momentum over the afternoon, the three-month nickel price fell to just over $13,000 per tonne amid continued selling pressure. The metal's total LME stocks remain below 200,000 tonnes, their lowest since 2013, however recent buying momentum hit resistance at around $13,765 per tonne earlier this week. "A poor economic outlook in the Eurozone and a lack of trade progress has weighed on risk sentiment," Fastmarkets analyst Andy Farida said in his Nickel Today report."Additionally, strengthening in the dollar index has acted as a solid headwind ever since its rebound from the February low at 95.82 surged to a 2019 high at 97.72 as of March 7," Farida added.Volumes traded over...