Base metals prices on the Shanghai Futures Exchange during Asian morning trading on Tuesday December 25 were broadly down led by nickel amid bearishness from a challenging macro-economic environment.
"The main factor pushing down base metals is the volatile macro-economic environment; last week the US Federal Reserve decided to raise interest rates again and there's still uncertainty over the US/China trade war despite some signs of alleviation," a Shanghai-based analyst said. "The fundamentals of nickel are weak due to the expected supply gains next year with key nickel pig iron projects coming online, so it's understandable to see the decline in its price," another Shanghai-based analyst said.The most-traded May nickel contract on the SHFE...