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Base metals come under pressure after positive close on Wednesday

14 June 2018

Base metals trade with a weaker today led by sharp drop in Nickel prices. LME Nickel trades 2% lower today, erasing most of yesterday’s 2.7% rise. Putting pressure on the prices is demand worries from top consumer China tracking string of weak data.

In China, data today showed that Industrial Production rose by 6.8% percent in May from a year as against Bloomberg's expectation and prior month’s reading of 7%. Retail sales too grew at slower pace of 8.5% as against forecast of 9.6% and April’s 9.4% while Fixed-asset investment rose 6.1% year-on-year in the first five months, compared to expectation of 7% and was slowest increase since 1999.

Also putting pressure is weakness in equity market following Fed’s hawkish tone and trade worries between China and US.

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