Nickel hits 2 year low on LME
Nickel fell below USD 20,000 a tonne on Thursday for the first time in just over two years on weaker stainless steel demand.
London Metal Exchange nickel dropped by 3% to USD 19,400 a tonne lowest since June 2006. On Wednesday it closed at USD 20,000, after falling 2.7% on weaker demand from stainless steel producers, accounting for about two thirds of global nickel demand.
LME nickel stocks rose 180 tonnes to 43,368, although inventories are down 17% over the last three months. Scrap prices slip by INR 500 at Kandla.
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