Base metals on the London Metal Exchange were mostly lower during morning trading on Thursday November 8, with a stronger US dollar and resurfacing US-China trade tensions adding downward pressure to the complex.
Three-month nickel was the biggest downward mover over the morning session, falling 1.1% and reaching intraday low of $11,585 per tonne, despite a strong push towards $12,000 per tonne on Wednesday.Equally, a dominant warrant-holding position now holds 80-89% of LME copper stocks, while the metal's cash/three-month spread remains in a backwardation - recently seen at $18 per tonne, but easing from $60 per tonne at the end...