Nickel prices on the London Metal Exchange once again fell below $14,000 per tonne at the close of trading on Friday July 13, with broad gains across the complex capped by the ongoing trade dispute between the US and China.
The metal's three-month price continues to exhibit volatile price shifts, exemplified in today's intraday trading range of $390 per tonne. "Broad-based weakness in the base metals complex has dragged its prices lower but the downside remains limited due to nickel's positive fundamental backdrop," Metal Bulletin analyst Andy Farida said in his Nickel Today report. "The market deficit, falling global stocks level and robust stainless steel demand from China should keep the selling in check," he added.Nickel's cash/three-month spread continues to trade in a wide contango of $94 per tonne, narrowing from $96 per tonne on Thursday...