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LME base metals prices rebound despite dollar strength; nickel climbs 1.5%
Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Wednesday April 3, improving on continued progress emanating from recent US-Chinese trade talks while persistent strength in the US dollar fails to deter buying momentum.
Nickel’s three-month price is now trading comfortable above $13,300 per tonne amid a continued drawdown in the LME’s dwindling stock levels, which remain at a seven-year low at just over 180,000 tonnes in total. “Still, LME nickel’s price action remains fairly elevated above $13,000 per tonne. Outflows from LME-approved sheds started to pick up in March, with the monthly outflow averaging 1,100 tonnes per day, a contrast to last month’s 403 tpd,” Fastmarkets analyst Andy Farida said. “With canceled warrants elevated at 67,356 tonnes, it gives the illusion that there is healthy physical demand.
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