“Base metals, led by nickel, appear set to trend higher in 2014 due to tighter supplies, while unfavorable economics should keep pressure on gold and oil and prompt investors to avoid much of the commodity complex, Barclays said on Monday,” reports Reuters.
“In another negative outlook on commodities from a major investment bank, London-based Barclays PLC said that outflow of money from the sector will not end soon, at least not in the first quarter.”
The Indian nickel cash price saw the biggest increase at 0.5 percent for Monday, December 9. The nickel spot price changed direction with a 0.3 percent drop. After two days of improving prices, the metal finished at $13,735 per metric ton on the LME. Following two days of rising prices, the nickel 3-month price dropped 0.1 percent on the LME to $13,825 per metric ton.
Chinese stainless steel closed mixed on Monday. The price of Chinese ferro-chrome was unchanged. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row.
The price of Chinese primary nickel rose 0.2 percent. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat. The price of Chinese 304 stainless coil remained essentially flat. The price of Chinese 316 stainless steel scrap continues to hover for the fifth day in a row. The price of Chinese 304 stainless steel scrap remained essentially flat.