Nickel prices on the London Metal Exchange jumped more than 2% during morning trading on Thursday July 12, accompanied by a slight uptick in copper prices, while the rest of the complex continues to waver against intensified US trade rhetoric.
Pushing back over the $14,000 per tonne level, nickel's three-month price reached a high of $14,410 per tonne over the morning period, climbing 3.6% from Wednesday's closing price. Copper prices equally staged a modest rebound, climbing 0.7% over the morning, despite continuing to trade at levels not seen since June 2017. Pressured by a surprise announcement on Wednesday morning that the US plans to issue further tariffs on approximately $200 billion worth of Chinese goods, global commodities have taken a downturn. The LME base metals index fell 2.5% as a result. "Despite warnings from...