Base metals prices on the London Metal Exchange were back in positive territory across the board during morning trading on Wednesday January 31, with the complex recovering from recent price weakness.
Nickel prices were worst affected by the complex's overall weakness yesterday, closing 3.3% lower, but dip buying has supported the metal price to recover by $210 per tonne this morning. "High price levels and choppy trading go hand in hand and that is what we have been seeing of late. Yesterday's weakness in the metals provided an opportunity for follow-through selling to emerge, but dip buying was seen instead," Metal Bulletin senior analyst William Adams said. "This suggests strong underlying sentiment. We remain bullish basis the fundamentals so expect good dip buying, but with the Lunar New Year some two weeks away, it will be interesting...