Three-month nickel was the biggest downward mover over the morning session, falling 1.1% and reaching intraday low of $11,585 per tonne, despite a strong push towards $12,000 per tonne on Wednesday.
Similarly, a 0.5% drop in the three-month copper price comes amid continued inflows into LME warehouses. However, after a sizeable fresh cancelation of close to 10,000 tonnes in the morning means that around 50% of the LME’s 172,325 tonnes of copper is now canceled material.
Equally, a dominant warrant-holding position now holds 80-89% of LME copper stocks, while the metal’s cash/three-month spread remains in a backwardation - recently seen at $18 per tonne, but easing from $60 per tonne at the end of October.
“Chinese exports were a positive, but the feeling appears to be that the pick-up is on...