Nickel futures' prices record biggest-monthly decline since September 2011

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Nickel futures' prices record biggest-monthly decline since September 2011

On Friday, the 29th of November 2019, futures’ prices of Nickel, a critical industry-grade metal widely used to alloy batteries, stainless steels and other elements, fell to their lowest levels in more than four months, remarking the industrial metals biggest monthly downfall in more than eight years, as the world’s largest producer of steel, China’s output remained dithered over the recent past, while an ease on Indonesia’s crude metal export ban had made an impact to drown Nickel futures’ prices further.

Aside from that, on Friday’s (November 29th) market wrap-up, nickel futures’ prices in the London Metal Exchange faltered more than 2.4 per cent to $13,670 per ton after breaching its lowest level since July 16th during earlier trading hours, while the industrial metal, which was a necessary element to alloy stainless steels, had witnessed its steepest monthly plunge since September 2011, winding up the month roughly 18 per cent lower.

In point of fact, futures’ prices of Nickel torrented to their highest levels in five years back in September this year after the largest Nickel producer in the world, Indonesia, had inclined a sweeping ban on nickel exports.

Meanwhile, other industrial metals seemed to be failing to shred off their unfair share of misfortunes meaded of a 16-month-long Sino-US trade spat that largely contributed to an en masse global-scale economic slowdown, as copper futures’ prices had witnessed a plunge of 0.5 per cent to $5864.00 per ton on Friday’s (November 29th) market closure.