Nickel loses momentum after April rally

BEIJING - Nickel may lose its steam after a rally in April as China's latest monetary measure to cool the economy and crack down on sizzling property market could slash demand for the metal.

The spot nickel price in Shanghai was down 6,250 yuan ($915), quoted between 180,000 yuan and 181,500 yuan on Wednesday, pulled down by the sharp decline in the metal overnight on the London Metals Exchange (LME).

LME nickel dipped more than 1 percent to an almost one-month low of $24,350 per ton on Tuesday.