[Ferro-Alloys.com]LME nickel price declined by 3.29% after constant rising for the previous three days, with a high at $16,950/mt and a low at $16,380/mt, closing at $16,427/mt. Base metals business were mostly trading lower yesterday. The International Monetary Fund(IMF) pared its global GDP growth forecasts for the third time this year to 3.3 percent from 3.4 percent. The key victim of the downgrade was the Euro Zone which is now only expected to grow by just 0.8 percent this year and potentially suffering from deflation. Other downgrades included Japan as well, whereas China is still tipped to grow by 7.4 percent this year and 7.1 percent next year. 

 

Analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in base metals at the London Metal Exchange (LME) after a gauge of economic strength in China pointed to a slowdown and also IMF cutting its global growth forecast. 

 

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