The price of nickel was $16,038 per tonne at the close of trading at 5pm on Tuesday, its lowest closing price for three weeks, while most other futures prices on the London Metal Exchange also fell off their recent gains on Tuesday April 20.
Nickel's three-month price was down by 0.5% from Monday's closing price of $16,121 per tonne, and at its lowest since March 31, when it closed at $16,068 per tonne.
The metal's highest price reading so far this month has been $16,875 per tonne on April 8, but the metal has failed to hold on to that price level.
"Its underlying fundamentals are set to see another year of record refined production (although this could change on emissions curbs in China), but regardless of that, the market is still...