Nickel and copper prices on the London Metal Exchange resisted a continuously surging dollar index during morning trading on Thursday June 21, recovering from recent sell-offs amid renewed trade tension rhetoric.
Climbing back above $15,000 per tonne, nickel's three-month price surged more than 3% since Thursday's low of $14,700 per tonne. Equally, copper's three-month price ticked 0.8% higher over the morning, fueled by a fresh cancelation of 14,225 tonnes in warehouses in Kaohsiung. Tightening spreads continue to put pressure on the copper market, with its nearby July/August spread edging further into backwardation at $4.75 per tonne from yesterday's $4.50 per tonne. "Trade tension with the US remains in focus. Latest reports indicate China is ready to respond to any new US levies imposed, meanwhile India has also raised tariffs on a number of items in retaliation," Alastair Munro, LME desk at Marex Spectron, said. Sharp upticks...