The three-month price of nickel on the London Metal Exchange continued its descent at the close of trading on Thursday July 25, falling by some 3.4% to close just above the $14,000 per tonne threshold, while lead futures climbed by 1.5% to breach nearby resistance levels.
Three-month nickel futures closed at $14,075 per tonne in the afternoon, tumbling from an intraday high of $14,545 per tonne despite moderate turnover, with some 8,500 lots exchanged by the close. This was nickel's lowest turnover since July 9.Investors swiftly reduced their exposure to nickel overnight amid a flurry of weaker-than-expected economic data from the EU. But selling pressure eased over the afternoon, with nickel's three-month price climbing from an intraday...