The London Metal Exchange three-month nickel price continued its downturn up to the close of trading on Monday March 23, falling over 3.5% and dipping below nearby support levels, while tin futures failed to hold on to Friday's gains.
Nickel's underlying price on the LME closed at $10,880 per tonne on Monday afternoon, its lowest closing price since December 2018, while turnover was high at more than 11,000 lots. Meanwhile, broad risk-aversion in the commodities space continues to hamper metals prices - LME nickel has declined over 17% month on month from when its price action was consolidating around $12,500 per tonne."Although we are sticking with our short-term bearish...