17:00 London time update
Nickel clawed back $500 per tonne compared with Wednesday's close, finishing the kerb at $11,500 per tonne.
“Nickel has been the strongest of the base metals, climbing 2.5% heading into US trade with the rest of the complex up around 1%. Volumes have backed off right across the complex, though nickel, and to a lesser extent copper are still seeing decent levels of activity with turnover still well above average,” Standard Bank said this afternoon.
But nickel market participants said they are not convinced the metal is out of bearish territory yet.
“We shorted it and we’re still short. As long as it stays below $12,500 I’m targeting $9,000 per tonne, “ one trader told Metal Bulletin.
“We live in amazing times. I didn't think China would be the curve ball. I think there will be temporary bounces but overall commodities won't be getting too much of a sustainable bid for...