Yet that implies further significant declines. On Friday, nickel for April delivery in Shanghai was trading at about $34,500 per tonne. Excluding the 13% value-added tax levied on metal in China, that works out to about $30,500 on an LME equivalent basis. And late delivery contracts traded even lower, with June futures trading below $30,000 on the same basis.
This post Nickel market is open but frozen as traders wait for further declines was original published at “https://www.bloombergquint.com/markets/nickel-market-is-open-but-frozen-as-traders-await-further-drops”