Base metals prices on the London Metal Exchange were mostly lower again during morning trading on Tuesday March 20, with nickel the sole metal in positive territory.
The three-month nickel price recovered $70 this morning to recoup some of Monday's losses after stocks continued to slide. "The significant decline in available stocks level continues to underpin nickel prices, we feel. At 196,392 tonnes, this is equal to a 22.5% decline since the start of 2018," Andy Farida, Metal Bulletin analyst, said. The low LME stocks, alongside relatively low Shanghai Futures Exchange stocks, are supporting the metal above $13,000 for now but low trading volume and a lack of clear drivers keep the metal under significant pressure. Just 1,753 lots of nickel were traded as of 09.50 am London time. Copper...