Nickel and copper on the London Metal Exchange retreated slightly from the weekly low touched on the previous day, after data showed the market was nervous after the Chinese economy decreased in October.
ANZ said in the report, "The weak Chinese economic data released this week early, it has triggered some worries about stainless steel and nickel demand in the future. It is enough to let investors get some profits after rising 20% in the past few months. "
0623 GMT, nickel on the London Metal Exchange fall 0.5% at USD 11,635 per tonne in three months, extending the downtrend of last week, while nickel hit a two-year high of $ 13,030 on November 1.
CRU analyst Peter Peng said that the nickel rally is driven by short-covering and investors are optimistic about the potential demand of the battery industry. "The stainless market is currently weak as the supply has been so much since the third quarter, the price of nickel fall back to the level reflected by the real demand in the stainless steel industry."