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Wall Street to open lower and global stocks to fall weekly
European shares dropped on Friday, and it looked like the selloff would continue on Wall Street. Traders were worried about the valuation of tech stocks. The U.S. employment data showed a mixed picture. This added to the traders' insecurity and diminished hopes that Federal Reserve would cut rates this year. Wall Street was led lower by technology stocks on Thursday, despite a positive report from Nvidia about its earnings. Fears of a market bubble fueled by AI were not dispelled despite the chipmaker's good news. Investors continued to dump riskier assets during Friday's Asian trade. At 1219 GMT the MSCI World Equity Index had dropped 0.5%, and was on course for a weekly decline of 3.2%, its largest drop since March. The pan-European STOXX 600 fell by 0.8%, while London's FTSE 100 dropped by 0.4%. Wall Street futures fell as well. S&P futures fell 0.2% and Nasdaq Futures dropped 0.5%. MOVES 'HIGHLY CONTRAINTUITIVE" After Ukraine's President said he would be ready to work "honestly" on a U.S. backed plan to end this war, European shares in defence fell to their lowest level since early September. The Russian rouble hit a five week high as renewed hopes of a peace plan boosted the currency. The delayed U.S. employment data released on Thursday showed that the rate of unemployment was at its highest level in four years, but that employment growth had accelerated. Hani Redha is a portfolio manager with PineBridge Investments. He called the market's reaction to Nvidia's earnings and the data on jobs "highly contrary". He said that he would attribute this to the fact that some parts of market are under pressure, and are not supported by fundamentals. It may be that Nvidia acted as a sort of ATM yesterday, with people selling to make gains or to compensate for losses elsewhere. The AI investment frenzy has driven global markets to record highs, but some participants in the market are concerned that massive spending may not translate into meaningful progress. Sundar Pichai, Alphabet CEO, said earlier this week that no company will be left untouched if the AI boom fails. Data showed that global equity funds still attracted net inflows in the week leading up to the 19th of November. Investors still expect AI-driven gains. "AI is a major driver for equity markets." In a recent monthly note, UBS' chief investment officer Mark Haefele said that he expects AI-linked stocks to rise in the coming year due to rising capex and increasing adoption. YEN BOOSTED WITH VERBAL INTERVENTION Satsuki Catayama, Japan's Finance Minister, has said that an intervention could be made in the yen. This is her strongest comment to date about the currency. Its value has dropped by around 6% since Prime Minster Takaichi became leader of her own party. After the comments, the yen gained some support and was trading at 156.84 to the dollar. It is still close to Thursday's 10-month-low of 157.9. The Japanese cabinet has approved a stimulus package for the economy worth approximately $135 billion. The dollar index was also unchanged at 100.39 and the euro was at $1.1497, indicating a 0.2% gain for the week. The yields on euro zone bonds fell. The benchmark German Bund yield of 10-years dropped from its six-week peak, falling 4 basis points to 2.6838 percent. PMI data shows that the Eurozone business activity has grown steadily in this month. Oil prices dropped for the third consecutive day, as U.S. efforts to reach a Russia-Ukraine agreement on ending the war increased the likelihood of additional oil being supplied onto the market. Bitcoin dropped to its lowest level in seven months, $81,668. Gold fell 0.7% to $4,047.46 an ounce. (Reporting and editing by Elizabeth Howcroft)
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Ukraine to appoint a new board for atomic firm amid $100 Million Scandal
The Ukrainian government intends to appoint by the end this year a new board of directors at Energoatom - the state nuclear corporation at the center of a scandal involving corruption. Economy Minister Oleksiy Sbolev announced the plan on Friday. Ukraine is rocked by an allegation of a $100 million kickback scam involving a former business partner of President Volodymyr Zelenskiy and senior energy officials. This is the biggest corruption scandal in the country since Zelenskiy was elected president in 2019. He had a mandate of eliminating graft. Sobolev, a reporter, said: "We must restore the management and proper function of all bodies within Energoatom in order to restore trust." Since the full-scale Russian invasion of 2022, anti-corruption authorities in Ukraine have intensified their efforts to combat corruption. They are trying to convince donors that Kyiv will be ready for EU membership and to prove this readiness. This has led to painful revelations about the high-level corruption that has plagued Ukraine for years. After an investigation into allegations of corruption, the government fired Energoatom’s supervisory board in early this month. All officials of the company involved in this investigation have been suspended. Energoatom said that it was committed to transparency and cooperating with the authorities. The scandal unfolds amid an escalating Russian attack on Ukrainian energy infrastructure, including substations supplying electricity to nuclear power stations. The war with Russia is approaching its fourth anniversary, and millions of Ukrainians are facing long power outages. Energoatom operates three nuclear power stations, which provide Ukraine with over half of its electricity. The company has stated that the investigation will not have any impact on production and safety. Sobolev stated that the new supervisory council would consist of seven members: three government representatives and four independents. He said that the government is strengthening its recruitment process and requiring more qualifications. A large pool of potential candidates has been identified. Reporting by Olena Hartmash. Mark Potter (Editing)
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Bitcoin and other crypto-assets sink as a result of flight from risk
Bitcoin and ether fell to multi-month-lows on Friday. cryptocurrencies were swept up as part of a wider flight from riskier investments, as investors became worried about high tech valuations. They also lost bets that the U.S. would soon cut interest rates. Bitcoin, the largest cryptocurrency in the world, dropped 5.5% to $81,668, its lowest level in seven months. Ether fell more than 6%, to $2,661.37. This is its lowest level in four months. Both tokens have fallen by about 12% this week. Cryptocurrencies can be a good indicator of the risk appetite in the market. Their recent slide shows how volatile and fragile markets have become in recent weeks, as high-flying stocks in artificial intelligence plummeted and volatility spiked. CRYPTOCURRRENCIES LOSE $1,2 TRILLION IN SIX WOES Tony Sycamore is a market analyst for IG. He said that the drop in bitcoin could be a sign of a general risk sentiment. According to CoinGecko, the market tracking company, about $1.2 trillion was wiped from the value of all cryptocurrency in the last six weeks. The prices of Hong Kong listed spot bitcoin exchange traded funds launched by China AMC Harvest and Bosera each fell nearly 7% on Friday. Fall from Grace Bitcoin's fall follows a stellar year in which it reached a record-high of over $120,000 in October. This was boosted by favorable regulatory changes around the world towards crypto assets. Analysts say that the market is still scarred from a record-breaking single-day drop last month, which saw positions liquidated to the tune of more than $19 Billion. Sycamore said, "The market is feeling a little dislocated and a lot fractured since the selloff. Bitcoin is down nearly 19% for the year and has erased its gains of the past year. Citi analyst Alex Saunders stated that $80,000 was an important level, as it is about the average amount of bitcoin held in ETFs. The crypto selloff also has hurt the share prices of stockpilers. This follows a boom of public digital asset treasury firms this year, as corporations took advantage of rising cryptocurrency prices to purchase and hold them on their balance sheet. Shares of Strategy have dropped 11% in the past week, and are down almost 4% at premarket, as they remain at a one-year low. JP Morgan warned in a note published this week that if the company is not included in certain MSCI equity indices, it could lead to forced sales by funds tracking them. Metaplanet, its Japanese counterpart, has fallen about 80% since a peak in June. The crypto exchange Coinbase is heading for its worst losing streak since more than a week. MARA Holdings, CleanSpark, and the Winklevoss Twins' newly listed Gemini have all fallen by a combined 62% since its listing. CryptoQuant, a digital asset research company, said in its weekly crypto report published on Wednesday that "Bitcoin markets are at their most bearish since the bull cycle began in January 2023." We are likely to have seen the majority of this cycle's wave of demand pass." Reporting by Rae Wee and Niket Nishant. Kevin Buckland, Mark Potter and Kevin Buckland edited the story.
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Russian rouble reaches 5-week high after US peace plan reports
On Friday, the Russian rouble reached a five-week-high against the U.S. Dollar on renewed hopes for peace in Ukraine following reports of a U.S.-backed settlement plan. At 1130 GMT the rouble had gained more than 1.3% against the dollar and was 1.2% higher at 11,07 against the Yuan at the Moscow Stock Exchange. During the trading session the rouble reached 78.55 per dollar, its highest level since October 16. The rouble has strengthened despite U.S. sanction against Russian oil companies Rosneft, and Lukoil. These sanctions will take effect on Friday at 1701 GMT. The sanctions will likely reduce the foreign currency inflows that have supported the rouble. Alexander Potavin, Finam, said that the foreign currency revenue of oil exporters could drop by 10-15% after the introduction of the sanctions. This would reduce the amount of foreign currency available on the domestic currency market. He added that "from a longer-term perspective the reduction of foreign assets, and the stricter external sanctions, lead to higher costs for export supply chains, and lower foreign currency revenue, which is a negative for the Russian rouble." (Reporting and editing by Ros Russell.)
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The pAIn trading MORNING BID AMERICAS
By Anna Szymanski LONDON (November 21) What Mike Dolan, the ROI team and I are looking forward to reading, watching and listening to this weekend. The Nvidia boost was short-lived. The U.S. equity market fell on Thursday, despite an initial rally. Both the Nasdaq index and Dow recorded +1,000 points from the peak to the trough. The Nasdaq, which is dominated by tech stocks, saw its largest intraday movement since April's tariff tantrum. Nvidia's $57 billion record third quarter revenue, and its rosy outlook did not calm fears of an AI bubble. Jamie McGeever, ROI's markets columnist, explains that the chip giant's most recent figures highlight the same concerns that have recently roiled the markets, including massive AI spending and extreme concentration. Investors are clearly worried about AI capex indigestion. This is especially true given the increased use of debt financing investments that have very high profitability thresholds, as ROI's editor-at-large Mike Dolan noted this week. The delayed release of September's U.S. employment report was another big story yesterday. The nonfarm payrolls increased by 119,000 jobs, which is more than double the consensus forecast. However, the August figures have been revised downwards by 4,000. The Federal Reserve is also concerned that the unemployment rate has risen to 4.4% - the highest since October 2021. Mike Dolan argues that this release is unlikely to help the Fed clarify the employment market situation, given the messy data likely to follow the U.S. shutdown, which was the longest ever. In Asia, on Friday the Japanese yen hovered near a 10-month-low around 157 to the dollar, after Prime Minister Sanae Takayichi approved an economic stimulus package worth 135.5 billion yen. This raised the prospect of FX interventions. Jamie McGeever says that the yen’s position as a safe haven for global investors may be under threat. Ron Bousso, ROI's energy columnist, did a deep dive on the green transformation as the COP30 summit in Belem Brazil continued. He argued that the transition will be more bumpy and fractured than what leaders anticipated when the Paris Agreement was signed ten year ago. Ron warns investors not to be fooled by the gloomy energy transition vibes. In the energy market, the U.S. is now the world's top LNG exporter, which has led to the belief that "freedom gas" shipments will continue to rise for many years. Gavin Maguire, ROI's energy transition columnist, argues that American LNG vendors could face rapid volume declines if European gas users curb their use. This is especially true if U.S. companies fail to gain market share in Asia. Clyde Russell, a columnist for ROI, examined this week the rise of fossil fuels in China, its growing oil reserves, and the decline in steel production due to an increase in iron ore imports. The global competition in metals has now reached Aluminium scrap, which is the least glamorous component of the metallic supply chains. Andy Home, a metals columnist for ROI, explains why such a humble material should actually be considered 'a strategic commodity. Check out what the ROI team recommends you read, watch, and listen to as we enter the weekend. Stay informed and prepared for the coming week. Please contact me at This weekend we are reading... MIKE DOLAN is Editor-at Large for ROI Financial Markets. This column by VoxEU makes an interesting argument that Europe's lack in defence capabilities leaves the continent highly vulnerable to pressures from economics and foreign policy. CLYDE RUSSELL is a columnist for ROI Asia Commodities and Energy. This article in Renew Economy discusses Australia's hybrid utility-scale solar and battery plant that will soon be online. This is a first-of-its-kind combination. It could be a future model. GAVIN MAGUIRE is a ROI Global Energy Transformation Columnist. This fascinating report by The Examination shows how lead recycling for U.S. auto batteries poisons people in Nigeria. This is a terrible outcome for policies intended to protect American consumers against toxic emissions. Andy HOME, ROI Metals columnist: I highly recommend Eric Onstad's analysis on why some rare Earths are more rare than others. The article also contains my quote of week, Erik Eschen CEO of Germany’s Vacuumschmelze. "If you're talking about critical resources, then it's the heavyweights, the heavyweights, and the heaviweights - the rest of what we get." Listening to... JAMIE McGEEVER, ROI Markets columnist: The latest "Econ World" podcast with chief emerging market correspondent Karin Strohecker uses recent financial turmoil in Argentina to explain everything you need to about exchange rate policies and currency banks. RON BOUSSO is the ROI Energy Columnist. I recommend the Gulf Intelligence Daily Energy Markets Podcast to anyone who wants a closer look at the market. This episode is particularly interesting because our own ROI Asia Commodities columnist Clyde Russell appears as a guest. He discusses China's stockpiling of oil and the impact Trump's policy has on the market. Sign up for the newsletter to receive Morning Bid every morning in your email. Subscribe to the Morning Bid newsletter Website You can find us on LinkedIn. The opinions expressed are solely those of their authors. These opinions do not represent the views of News. News is bound by the Trust Principles to maintain integrity, independence and neutrality. (By Anna Szymanski)
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Gold poised to lose 1% in a week as US jobs data dampens rate-cutting hopes
Gold prices dropped more than 1% Friday, and are set to fall for the week after a strong U.S. employment report dampened expectations that a Federal Reserve rate reduction will be made next month. This weighed on non-yielding gold. As of 1056 GMT, spot gold dropped 1% to $4.036.21 an ounce. Bullion prices have fallen 1% in the last week. U.S. Gold Futures for December Delivery fell by 0.7% to $4.033.30 an ounce. The prospect of more rate cuts is somewhat weakened by the good labour market data released yesterday. Nitesh Sha, commodities strategist at WisdomTree, believes that this is the main factor affecting gold. MIXED VIEW OF US LABOUR MARKET The delayed U.S. job report on Thursday offered a mixed picture of the labour markets. Non-farm payrolls increased by 119,000, compared to estimates of 50,000. However, the unemployment rate hit a four-year-high. The next jobs report will be released only after the Fed meeting in December, where traders see a reduced chance of a cut to rates, from 44% this week. In low-interest rate environments, gold, which is a non-yielding investment, does well. Beth Hammack of the Cleveland Fed, who was opposed to the Fed's latest rate cut, warned on Thursday against further lowering borrowing rates due to inflation. The physical gold market in major Asian markets has remained weak, despite the volatility of rates. INTACT FUNDAMENTALS ANZ stated in a report that the fundamentals of gold remained unchanged. "Factors such as slower economic growth, expensive stock market valuations, geopolitical uncertainties, and diversification from U.S.-based assets are likely sustain robust investment demand, and central bank buying," ANZ noted. "I think that we are currently at the bottom of the gold price. "Prices may temporarily go lower, but the overall path will be upwards in the coming months," WisdomTree’s Shah said. Silver fell 3.3%, to $48.94 an ounce. Platinum dropped 1.3%, to $1.491.36, while palladium declined 2%, to $1.350.50. (Reporting from Noel John, Bengaluru. Editing by Alex Richardson.)
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As oil prices rise to $60, Permian's resilience is tested.
Oil production in Texas is on the rise. Mark Waters owns a shop that sells safety and tools to oil companies. In the past four to six month, Tie Specialties in Odessa in Texas has seen a drop of 25% in sales in the oilfield. Shelves are filled with power tools, wrenches and augers to dig holes. Pegboards display hard hats and gloves as well as various colors of overalls. This is my sixth boom and bust. I've seen it all. Waters, 65, said, "I'd call it slowdown but everyone I've spoken to says that the future for the next two years is not bright." The full impact of this downturn has not yet been felt by the U.S. Oil output. Interviews with 10 producers, services companies, and residents in the Permian basin show that Waters, and other people who live and work around oilfields, are having a harder time making a profit. Crude is hovering around $60 per barrel and this indicates that the economy will be worsened. The biggest U.S. Oilfield has survived previous downturns. But President Donald Trump's policy has added to the slide of per-barrel profits of U.S. Producers. This was already stifled due to rising production from producer group Organization of the Petroleum Exporting Countries (OPEC) and its allies as well as the largest wave of consolidation since a century. Cracks are starting to show Local business owners are noticing a decline in footfall and sales. Waters now hopes to counter the loss of oilfield services by relying on demand for electrical products from the data center boom. Waters also runs a generator-repair business that is experiencing a boom in business due to companies avoiding spending on new equipment. Midland's skyline is beginning to show signs of the recession, with idle 100-foot rigs lining stockyards. Equipment is being liquidated by service firms. Leading producers such as ConocoPhillips and Chevron have laid off employees. The latest U.S. Bureau of Labor Statistics data showed that oil and gas production jobs nationwide have dropped by 4,000 between January and July of this year. Approximately 370,000 Texans were employed in oil and natural gas production at the beginning of this year. The U.S. produced a record number of barrels per day this month. The improvements in technology and efficiency have allowed producers to squeeze more oil from fewer wells. As a result, some analysts predict that output will drop this year or the next due to spending cuts. In the next two years, any growth in output will come more from offshore deepwater fields than the shale patches. Data from Enverus, an energy analytics company, showed that the Permian Rig Count, which is a proxy of future production, fell by 52 to 252 in October from the previous year. This was the biggest decline since 2020 when COVID-19 reduced demand. We've been in contact with the administration to let them know that investment returns are becoming more difficult when oil prices are between $50 and $60. Denzil WEST, CEO of Admiral Permian Resources (which produces around 25,000 bpd) said that this will eventually lead to the current production levels becoming unsustainable. The Economics of Drilling are 'Upside Down' Oil companies are now facing higher production costs due to inflation and Trump's tariffs. They will need to charge even more for their oil than in previous cycles. Kirk Edwards of Texas-based Latigo Petroleum said that drilling and finishing a shale oil well cost between $10 million and $12 million. This is 5% to 10% more than the previous year. "The economics have completely flipped from what they were in January." Edwards stated that drilling a well is more expensive and that you are getting 20% less oil for it. Executives said that companies need oil at around $70 a barrel to maintain and increase production. However, for more than half of the days since Trump was elected, prices have been below $65 a barrel as OPEC, its allies and demand concerns continue. The U.S. Energy Information Administration forecast that West Texas Intermediate crude oil, which is the U.S. benchmark for pricing Permian Basin Oil, will average $51.26 by 2026. Surge Energy, a major private producer in the Midland Basin, plans to continue drilling at the current price, but will do so at a slower pace, according to CEO Linhua Guan. The company has operated three rigs in the Midland basin since 2021. In July, it dropped one, reducing capex by a high single-digit percentage. The Permian oilfield, the biggest in the United States and the engine for shale production in the US, is becoming harder to gain efficiency. The area with the best economics for drilling is shrinking, forcing producers to more expensive areas. "Investment returns are lower at $60 to $55 per barrel than they were five years ago, because the best wells had been drilled," said Admiral Permian West. The company will assess the drilling required, but may defer completion of the wells in the event that prices fall below $50. West stated that the return of investor equity would be the priority, over increasing capital deployment. "MORE RIGS than Work" Oilfield services are also feeling the pain. Superior Energy Auctioneers sold equipment last month from Cleveland Lease Services contract well service division, and Lone Star Directional Drilling. A person with knowledge of the auction stated that large trucks used for hauling fracking equipment and trailers sold at a 30% lower price in August than they did in April. Terrel Hardin is the president of King Well Service which provides workover rigs to maintain existing production. He said that this year only two to three rigs of his company were being used, as opposed to four or five last year. Hardin stated that "these prices don't cover the bills and everyone pulls back." SLB, a leading service provider in North America, said in October that it did not expect drilling to pick up in the near future. Halliburton, a rival company, said it would idle its equipment to cut costs. Both companies laid off employees this year. Unemployment in the area is increasing. According to the U.S. Bureau of Labor Statistics (BLS), Midland's unemployment rate increased by 0.5 percentage point to 3.6% in august. This was a level that the industry last reached in mid-2022, when it was recovering from a demand shock caused by the COVID-19 Pandemic. Waters, from Tie Specialties, said that "we get people coming in everyday looking for work." Local economies and small businesses are also feeling the effects of job losses. D.S. Fabela's Restaurant in Odessa, which is frequented by oilfield employees, is thinning out as workers are laid off, according to manager Dulce Solis. Yogashri Pradhan, who was laid off for the third time from her industry, decided to start IronLady Energy Advisors as a consultancy on reservoir engineering and production data. "We are seeing more panic over $60 oil and I believe that a large part of this is due to the rhetoric and administration of, oh we could do it cheaper," said Pradhan who was laid off from Chevron in the month of June.
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European stocks drop as traders fret about technology
European shares dropped on Friday as traders worried about the valuations of tech stocks. The U.S. employment data showed a mixed picture. This added to the traders' insecurity and diminished hopes that Federal Reserve would cut rates this year. Wall Street was led lower by technology stocks on Thursday, despite a positive report from Nvidia about its earnings. Fears of a market bubble fueled by AI were not dispelled despite the chipmaker's good news. Investors continued to dump riskier assets during Friday's Asian trade. At 1007 GMT the MSCI World Equity Index had dropped 0.5%, and was on course for a weekly decline of 3.2%, its largest drop since March. The pan-European STOXX 600 fell 1%, while London's FTSE 100 dropped 0.6%. MOVES "HIGHLY CONTRAINTUITIVE After Ukraine's President said he would be ready to work "honestly" on a U.S. backed plan to end this war, European Defence shares dropped to their lowest level since early September. The delayed U.S. employment data released on Thursday showed that the rate of unemployment was at its highest level in four years, but that employment growth had accelerated. Hani Redha is a portfolio manager with PineBridge Investments. He called the market's reaction to Nvidia's earnings and the data on jobs "highly contrary". He said that he would attribute this to the fact that some parts of market are under pressure, and are not supported by fundamentals. It may be that Nvidia acted as a sort of ATM yesterday, with people selling to make gains or to compensate for losses in other areas. The AI investment frenzy has driven global markets to record highs, but some participants in the market are concerned that massive spending may not translate into meaningful progress. Sundar Pichai, Alphabet CEO, said earlier this week that no company will be untouched if the AI boom fails. Some people still expect AI to continue to deliver further gains. "AI is a major driver of equity markets." In a recent monthly note, UBS's Chief Investment Officer Mark Haefele said that he expects AI-linked stocks to rise in the coming year due to rising capex and increasing adoption. YEN BOOSTED WITH VERBAL INTERVENTION Satsuki Katayama said that the possibility of intervention in the yen existed. This was his strongest comment to date about the currency. It has dropped around 6% since Prime Minster Sanae Takaichi became leader of her own party. After the comments, the yen gained some support and was trading at 156.55 to dollar. It is still close to Thursday's 10-month-low of 157.9. The Japanese cabinet has approved a stimulus package for the economy worth approximately $135 billion. The dollar index was also unchanged at 100.23 and the euro at $1.1516, resulting in a 0.8% gain for the week. The yields on euro zone bonds fell. The benchmark German Bund yield of 10 years dropped from its six-week peak, falling 5 basis points to 2.6726%. Oil prices dropped for the third consecutive day as the U.S. pushed for an agreement between Russia and Ukraine to end the conflict, raising the possibility that more oil would be brought onto the market. Bitcoin has fallen to its lowest level in seven months at $82,013.57. Gold fell 0.9% to $4,040.59 an ounce. (Reporting and editing by Elizabeth Howcroft)
Copper sets for largest weekly drop since April as technology selloff continues
On Friday, copper fell to its lowest level in more than a month and was headed for its worst weekly performance since April due to fears over the tech sector. Meanwhile, U.S. employment data raised doubts about a possible cut to interest rates by the U.S. government in December.
By 1021 GMT, benchmark three-month copper at the London Metal Exchange had fallen by 1.2% to $10,613.50 per metric tonne. This was the largest weekly drop since the week ending April 4.
Metal widely used in construction, manufacturing, and power plants earlier reached a low price of $10,607.50. This was its lowest since November 5.
Dan Smith, of Commodity Market Analytics, said: "I believe the biggest panic in the markets is the selloff in cryptocurrency." Bitcoin is dropping like a rock and about a third below its recent high. This can lead to a downward spiral of death for anyone who is too exposed. Bitcoin reached a seven-month high on Friday. The government shutdown had delayed the release of September's U.S. jobs data. On Thursday, the report showed that new hiring was higher than expected, but the unemployment rate rose to its highest level in almost four years.
Smith, speaking of the U.S. Central Bank, said that "the fog surrounding U.S. Statistics has made it unlikely for the Fed to cut rates in the month of December." This is leading to some U.S. weakness, which is bad for metal markets.
Dollar-denominated commodities become more expensive to holders of currencies other than the dollar.
The LME complex saw a decline across the board. Aluminium dropped 1.2% to 2,780.50 per ton. Tin fell 1% to 36,655, Zinc lost 2% at $2,956.50 to reach a new low. Lead fell 1% to 1,990, after reaching a similar milestone.
Nickel fell 1.1% to $14,335 per ton following its descent to the lowest level in seven months. This week, the metal used in stainless steel and rechargeable battery production is down by 3.5% and heading towards its worst week since last April. (Reporting and editing by David Goodman. Additional reporting by Dylan Duan, Lewis Jackson, and Lewis Jackson.
(source: Reuters)