Losing momentum over the afternoon, the three-month nickel price fell to just over $13,000 per tonne amid continued selling pressure.
The metal’s total LME stocks remain below 200,000 tonnes, their lowest since 2013, however recent buying momentum hit resistance at around $13,765 per tonne earlier this week.
“A poor economic outlook in the Eurozone and a lack of trade progress has weighed on risk sentiment,” Fastmarkets analyst Andy Farida said in his Nickel Today report.
“Additionally, strengthening in the dollar index has acted as a solid headwind ever since its rebound from the February low at 95.82 surged to a 2019 high at 97.72 as of March 7,” Farida added.
Volumes traded over...