London nickel prices hit their lowest level in more than two-and-a-half years on Thursday as lingering concerns about oversupply weighed on the market.
Three-month nickel on the London Metal Exchange CMNI3 fell as much as 0.9% to $16 280 per metric ton, its lowest since April 2021, before rebounding to $16 405 as of 08:50 GMT, still a decline of 0.2%.
The most-traded December nickel contract on the Shanghai Futures Exchange SNIcv1closed down 3.2% at 127 720 yuan ($17 711.58) a ton. Earlier in the session, it dropped as much as 4.2% to 126 440 yuan, the lowest since September 2022.