Volumes traded were moderate over the day, with copper’s 12,936 lots topping the complex. The metal also benefitted from a fresh cancelation of more than 13,000 tonnes on Wednesday morning, which took the total of on-warrant material below the 100,000-tonne mark.
In contrast, buying momentum in nickel futures abated through the afternoon, and the metal’s three-month price took a divergent path after rallying in morning trading. It hit an intraday low of $12,860 per tonne, falling from its highest level since August 2018 at $13,350 per tonne in the morning.
“While we cannot ignore the positive rebound in January 2019, we felt that a great many of the bullish elements we mentioned above have been priced in,” Fastmarkets analyst Andy Farida said in his Nickel Today report.
“The biggest concern that we have now is the growing number...