Base metal prices rebounded last week, with nickel participating in the bounce-back too. The fading of technical selling pressure from previous weeks hinted at a lack of commitment to break trading ranges, perhaps partly due to the fact that volumes were low in the absence of holidaying Chinese traders. Aluminium was the notable exception, as prices broke to new multi-year lows. Aluminium and nickel have tracked each other lower over the past year, as these are the markets with the weakest fundamentals.
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