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Prices are beginning to correct after hitting multi-year highs recently. Downside pressure was moderate, reflecting the positive change to sentiment, with consolidation now taking place, traders said.
Nickel prices are also under pressure, falling over $200 to below $12,000 per tonne for the first time since the beginning of the month. It fell 0.5% at the close on Thursday.
“The markets got whacked up quite a bit recently – they were all looking a bit long, so they have come off a bit,” one trader said.
The rest of the complex was lower but consolidating in its current ranges, other price falls have been slowed by the weakening dollar, which fell following a surge in US jobless claims after Hurricane Harvey.
Tin was the only base metal to be trading in positive territory this morning – edging $5 higher as it remained above $20,700 per tonne.
“Upward momentum in the base metals has waned, but in recent days dips have tended to attract buying – although not enough to attract follow-through buying. As such, with resistance encountered, we do expect more profit-taking and pricing, so would not be surprised to see prices correct for a while,” William Adams, Metal Bulletin senior analyst said.
Copper prices under pressure
Base metals mostly dip
Currency moves and data releases