LME base metal prices rebound slightly last Friday -
LME base metals prices all rebounded slightly last Friday as investors enter the market, except for tin price.
Tin price dropped by 3.3 percent to US$13,000/ton, and had decreased by 38 percent since June. Copper price increased by 3 percent to US$4,810/ton. Lead price saw an increase of US$80/ton due to the stock reduce.
Nickel price raised by US$20/ton to US$10,800/ton and zinc price raised by US$50/ton to US$1230/ton. Aluminum price increased to US$2,205/ton, up by US$20/ton.
LME nickel price hit low –
Last Friday, LME nickel price plunged to US$10,585/ton.
Since October 7, the nickel price has sharply plunged by US$1,250/ton and continues to show a downward trend, hitting the lowest price within the last two years.
Steel traders may observe nickel price dropping down to US$10,000/ton this week. Some steel traders are even expecting the price to bottom out, after which they can look forward to a fresh new rebound, leading to better dealings in the stainless steel market.
Source www.yieh.com