“Base metals are working against the strong dollar and the tightening Fed policy,” SP Angel commodities analyst Sergey Raevskiy told Fastmarkets.
“All the focus is on Chinese tariffs and US-China tensions,” he added.
Falling 2.7% over the afternoon, the three-month nickel price was the underperformer on the day, despite prices nearing $12,000 per tonne earlier this week.
Limiting gains, the onset of further global nickel supply continues to dampen buying appetite, with an expected ramp-up in nickel pig iron from Indonesia reportedly set to the tune of 100,000 tonnes for 2019.
Meanwhile, copper also lost support over the afternoon,...