MARKET TALK: Base Metals Lower On LME Stocks, PBOC Hike

Base metals complex down early Monday as decision by China's central bank to raise interest rates pressures prices, says trader. Market activity so far quiet but volatility should pick up, trader adds. LME nickel could fall to $43,000 a metric ton on profit-taking but dip buying should support at the lows, says trader. Adding to price pressure, nickel stocks data showed a rise of 138 tons to 3,702 tons Monday. LME nickel trades at $47,550/ton, down 0.3% from Friday.