Nickel prices drop in Asian trading on weak fundamentals

A wave of supply is anticipated to hit China following the listing of Russia’s Norilsk brand on the Shanghai Futures Exchange, with poor fundamentals likely to keep prices in check for the rest of the year, market participants said on Tuesday June 30.

Click here to check the rolling base metals price report on SHFE and London Metal Exchange.
At 14:27 Shanghai time, the three-month nickel price on the LME was trading $220 lower than the opening price, at $11,615 per tonne.
The contract hit $10,795 per tonne during Asian trading.
A broker described fundamentals on nickel as “atrocious”.
“There is plenty of LME stock and severe concerns over the health of manufacturing industries globally that use both copper and nickel,” the broker said.

The low LME prices reflect the fundamentals...


Deepali Sharma

June 30, 2015

09:07 GMT