London nickel and copper futures bounced back to multi-week lows on Thursday, reflecting investor concern over recent data that showed China's economy cooled in October.
“Weak economic data in China earlier this week sparked some concern over demand for stainless steel and nickel in the coming months,” analysts from ANZ said in a report.
Nickel on the London Metal Exchange fell 0.7 percent to $ 11,610 a tonne, continuing the decline that began after the metal hit two-year highs of $ 13,030 on November 1. "The stainless steel market is weak at the moment as there was too much supply in the third quarter, so nickel prices should fall in line with real stainless demand."
Copper on the LME fell 0.3 percent to $ 6753 per tonne. It was only slightly higher than the $ 6,713 hit on Wednesday, the weakest since October 10.
Copper and Nickel Sink Back to Multi-Week Lows
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Azovpromstal® 17 November 2017 г. 10:38 |
