LIVE FUTURES REPORT 28/11: LME nickel price drops below $14,000/t

The three-month nickel price on the London Metal Exchange shed 3.1% to hit a low of $13,930 per tonne during the morning session on Thursday November 28, trading below $14,000 per tonne for the first time since July 2019.

The release of weak data from China on Wednesday, stating that Chinese industrial profits were down 9.9% year on year in October, has cast a shadow over stainless steel demand which accounts for a significant 68-70% nickel market share, of which Chinese demand comprises 50%. Potentially adding to the bearish demand outlook is news that some Chinese stainless steel production lines have...

Published

Amy Hinton

November 28, 2019

10:34 GMT

London