Nickel prices drop on worries China steel demand is losing its shine
Published on Mon, 20 Nov 2017
Reuters reported that Shanghai nickel prices fell on Friday on worries about growth in Chinese steel markets, with the sector heading into a low consumption period over winter. The base metal, used widely to help make stainless steel, was heading for a 7-percent weekly loss on the Shanghai Futures Exchange. The most-traded ShFE nickel contract had slipped 1.43 percent to 93,030 yuan ($14,044) a tonne by 0137 GMT. The contract closed 2.6 percent weaker the previous day.
The sell-off in nickel came amid across-the-board declines in Chinese metals futures. Active ShFE copper dipped 0.09 percent, while zinc was off 0.44 percent and aluminium 0.68 percent
China’s economy cooled further last month, with industrial output, fixed-asset investment and retail sales missing expectations.
The dollar steadied on Friday after coming off the week’s lows against its peers as earlier risk aversion in global financial markets receded, pushing up U.S. yields.
Source : Reuters