Three-month base metals prices on the London Metal Exchange were collectively lower at the close of trading on Thursday July 30, with LME nickel's 1.3% price dip leading the complex-wide decline, while a tightening of copper's forward curve led to thin volumes and a negative close on the day.
Weighing equally heavily on the base-metals complex, the US economy shrank by 32.9% over the second quarter, according to advanced gross domestic product (GDP) data released in the afternoon.Nickel's outright price on the LME closed at $13,735 per tonne on Thursday afternoon, falling from an intraday high of $13,990 per tonne, while turnover was moderate at just over 7,000 lots exchanged during the day.LME nickel's forward curve continued to loosen over the week,...