Base metals prices on the London Metal Exchange were mostly lower at the close on Tuesday January 9, with only nickel trading in positive territory.
The three-month nickel price climbed $160 per tonne higher while the cash/January-2018 nearby spread moved into a $3 per tonne backwardation. "The LME nickel market has tightened slightly since the start of the year, judging by the contraction in the contango in nearby spreads. The cash/three-month spread has averaged $49.20 contango per tonne so far in January, down from $59c per tonne in December," Boris Mikanikrezai, Metal Bulletin analyst said."Demand from the stainless steel sector remains strong. World crude steel production increased 5.9% year on year in October, according to the International Stainless Steel Forum (ISSF)," he added.Nickel prices gains were capped...