The three-month nickel price on the London Metal Exchange lost ground at the close of trading on Thursday April 30, closing at its lowest level in more than a week against thin turnover, while selling pressure pushed copper futures below nearby support levels.
Nickel's outright price on the LME closed at $12,192 per tonne on Thursday afternoon, falling from an intraday high of $12,355 per tonne. Turnover was low at just over 4,300 lots exchanged by the close.Global demand for nickel remained weak, prompting the selloff, with the metal's end-use in steel production tenuous against broad risk-aversion across commodity markets.Yet despite Covid-19-related lockdown measures now beginning to ease globally, concerns over a second wave of infection continued to keep prospective business on the market sidelines for now.Supporting...