Nickel prices on the London Metal Exchange had fallen by 1.4% by the close of trading on Monday June 18, pressured by a strong dollar index and low trading volumes across the complex.
Closing below $15,000 per tonne for the first time since May 29, nickel's three-month price has edged away from its steady approach towards $16,000 per tonne last week. Pressured by a surging dollar index, which reached a fresh 2018 high on June 15, persistent stock outflows were no longer sufficient to support the three-month price."Dollar strength continues to create price pressure for the base metals, although the shallow nature of the current pullback reflects market expectations that NPI [nickel pig iron producer] closures in China will add to structural tightness in the fundamentals, and in turn underpin price sentiment," James Moore, analyst at Metal Bulletin, said. "Slowing seasonal...