Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Friday May 10, with nickel futures climbing 1.6% while the three-month lead price failed to recover from a three-year low.
Despite the US government's decision to hike tariffs on $200 billion worth of Chinese goods, potentially escalating trade tensions between the two countries, base metals prices remain largely unaffected. That said, volumes were thin over the day's trading, indicating a dip in buying momentum despite most of the complex recording marginal gains. Nickel was the standout performer across the afternoon session, trading back above $12,000 per tonne for a short period before closing at $11,921 per tonne. Nickel's price action has been broadly volatile over the week, dropping by 4.3% to reach its lowest level since January at $11,730 per tonne on Thursday May 9 afternoon. Despite a seven-year low in LME...