London Metal Exchange three-month base metals prices declined in morning trading on Monday March 9, with fears over the economic effect of the novel coronavirus (2019-nCoV) leading investors to hedge exposure to risk assets, while nickel futures took the biggest hit.
Nickel's outright price on the LME was recently at $12,360 per tonne, down over 3.6% from Friday's closing price of $12,840 per tonne. Turnover was moderate in nickel at just over 3,800 lots as of 9:40am London time, despite over 15,500 lots of copper exchanged over the same period. Some 12,000 lots of aluminium were also traded this morning, with the light metal's underlying price recently trading at $1,662 per tonne, down 1.4%.Selling pressure remains...