After a week of strong rallies, nickel and aluminium closed the week lower on the London Metal Exchange, with the rest of the complex steady.
Nickel's three-month price fell 1.6% to below the $15,000 per tonne mark, with volumes traded at 8,761 lots - much lower than the mid-week figure of 23,000 lots. The metal climbed to a high of $16,690 per tonne but struggled to find support after speculation over further US sanctions against Russian nickel producer Nornickel waned. "We obviously breached the upside levels with more CTA [technical advisor] buying and momentum-type buying based on speculation that sanctions would be broadened to include Norilsk, but that doesn't seem likely any time soon," Robin Bharr, head of metals research at Soci?(C)t?(C)...