The three-month nickel price on the London Metal Exchange was lower during morning trading on Monday January 27, with macro risk-off sentiment prompting a 2.5% decline, while zinc futures followed lower.
Nickel's outright price on the LME was recently seen at $12,655 per tonne, below Friday's closing price of $12,950 per tonne with some 1,800 lots exchanged as of 9:20am London time. Prompting downward price action, broad risk-off sentiment across commodity and stock markets emerged last week, with China's Coronavirus outbreak a key impulse for risk aversion. Similarly, selling pressure in LME nickel has been exacerbated by a threefold increase in LME on-warrant nickel stocks since the start of December 2019, with inventories...