Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday November 22, with quiet trading continuing to keep prices broadly stable.
Nickel's three-month price continued its downtrend, closing below $11,000 per tonne for the first time since December 2017; upward price action continues to be limited by slow Chinese stainless steel production. Additionally, the International Nickel Study Group (INSG) has pegged global production to grow by 8.4% in 2019, cutting into the metal's supply deficit of 108,000 tonnes in the first three quarters of this year. This could add further downward pressure to prices. Most base metals prices continued to trade in narrow ranges this afternoon due to the US markets being away for national holidays. But lead's three-month price softened, falling below the psychological level of $2,000 per tonne to close at $1,994.50 per tonne. Continued uncertainty over US-China trade relations are deterring spot activity while investors remain broadly...