LIVE FUTURES REPORT 01/08: LME nickel falls 3.4% on trade worries; zinc dips 2.7%

Nickel closed more than 3% lower on the London Metal Exchange on Wednesday August 1, with recent gains unraveling amid a fresh trade rift between the United States and China.

The three-month nickel price had climbed to their highest in more than two weeks on July 31, closing above $14,000 per tonne, but they sank towards $13,500 per tonne in Wednesday afternoon trading. Despite robust demand from the stainless steel sector, trade protectionism continues to weigh on prices, while broad stock outflows have supported short-lived rallies. Earlier today, US President Donald Trump’s administration pledged to raise the planned 10% tariffs to 25% on $200 billion of Chinese imports, sending fresh concerns...

Published

Hassan Butt

August 01, 2018

17:48 GMT

London