A stronger dollar and a hesitant market saw copper and nickel both fall significantly, with the three-month copper price closing $68.50 per tonne lower.
The red metal is finding it hard to push back and stabilize above $7,000 per tonne and has undone all of Wednesday’s gains.
“Yesterday’s rally appeared to have been instigated by better than expected China data… But the complex appears incapable of trading more than one session in the same direction, reflected in the declining options volatility market,” Marex Spectron’s Alastair Munro said.
“Declining volumes point to this uncertainty... But whether this is a prelude to a deeper correction is questionable given the recent inability of the...