The nickel price on the London Metal Exchange came under pressure during morning trading on Thursday June 11, with a complex-wide downturn emerging after the US Federal Reserve estimated that the US economy would shrink by 6.5% in 2020.
Speaking on Wednesday, Federal Reserve chair Jerome Powell also said that higher US unemployment levels would persist throughout the year and would still be at 9.3% by the end of the year. The US will release unemployment claims data for the week to June 11 this afternoon. The three-month LME nickel price was recently at $12,690 per tonne, a fall of more than 2.5% from a morning high of $13,045 per tonne. Turnover was strong at more than 3,000 lots as of 10am London time.Despite selling pressure, forward spreads remain wide,...