Nickel plunges on weak day for metals

METALS fell across the board overnight as the US dollar strengthened.

Nickel plunges on weak day for metals Nickel plunges on weak day for metals Nickel plunges on weak day for metals Nickel plunges on weak day for metals Nickel plunges on weak day for metals

Nickel was the worst-hit, slumping by 5.3% to US$11,270 per tonne, its lowest level in around three weeks.

While nickel has had a number of one-day drops of more than 4% this year, it has not fallen by more than 5% in one day since May 2016.

Copper dropped by another 1.8% to $6511.25/t and has fallen in four out of the past five sessions.

“Stockpiles are now up 18% this week to 246,575 tonnes,” ANZ Research said.

“With investor positioning sitting at record high net long position on the LME in recent days. This was enough to induce some investors to lock in their recent gains.”

The stronger US dollar also weighed on gold, with Comex futures falling...

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