Some base metals prices on the London Metal Exchange bounced back on Monday May 24 aided by elements of short-covering after the sell-off towards the end of last week that took copper and aluminium prices down by over 5%.
The three-month nickel price had the biggest boost on Monday, of 1.9% to $17,118 per tonne, from Friday's $16,791 per tonne price. On Friday, the price had declined by 6% over the week from last Monday's closing price of $17,911 per tonne.
The metal did hit an intraday low of $16,620 per tonne on Monday, the lowest seen since the last week of April, but rose by the afternoon.
Aluminium's price was recently at $2,391 per tonne but it rose to as much as...