Nickel prices fail to impress as 2009 lows linger

A modest improvement in nickel prices on Thursday morning failed to reassure traders as the alloying metal remained near two-and-a-half-year lows on the London Metal Exchange.

Three-month nickel settled at $16,470/75 per tonne on Thursday May 31 compared with an opening price of $16,260 per tonne.
The contract has fallen 3.5% since Monday, when it settled at an official price of $17,075/080 per tonne.
It settled at $16,425/450 per tonne on Wednesday, its lowest official price since November 2009.
“[This week] there has been a mixture of long liquidation, algorithmic selling, trade buying on the way down, and some profit taking,” a category II trader told Metal Bulletin.

“There was good volume this morning, particularly earlier where around 150-200 lots went through quite quickly. There has been some short covering and...

Published

Janie Davies

May 31, 2012

17:50 GMT

London