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Markets

Most base metals fall as dollar firms; LME nickel set for worst week since 2011

  • LME nickel, despite rebounding 0.6% to $16,230 a tonne, was on track for its biggest weekly loss since September 2011 after shedding a combined 14% in the previous two sessions.
05 Mar, 2021

HANOI: Most base metals fell on Friday, with London nickel set for its worst week in 9-1/2 years, as a firm dollar made greenback-priced metals more expensive to holders of other currencies.

Three-month copper on the London Metal Exchange fell 1% to $8,817 a tonne by 0323 GMT, and the most-traded April copper contract on the Shanghai Futures Exchange declined 2.9% to 65,150 yuan ($10,065.20) a tonne.

The dollar held firmly near its three-month highs after surging overnight, as US Federal Reserve Chair Jerome Powell stuck with a dovish rhetoric despite a recent spike in bond market volatility.

ShFE nickel dropped 8% to 121,580 yuan a tonne, having hit its lowest since Dec. 7 of 120,190 yuan a tonne earlier in the session, as a major supply deal by Chinese firm Tsingshan eased concerns of battery-grade supply.

LME nickel, despite rebounding 0.6% to $16,230 a tonne, was on track for its biggest weekly loss since September 2011 after shedding a combined 14% in the previous two sessions.

ShFE aluminium fell 2.1% to 17,180 yuan a tonne, zinc declined 1.2% to 20,980 yuan a tonne and lead shed 1.3% to 15,085 yuan a tonne.

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