Outlook for demand deteriorated after the US Federal Reserve’s large rate hike fueled worries about recession and data from China indicated weak growth.

Nickel prices will edge higher in Q322 as Chinese stimulus measures improve the demand outlook and the Russia- Ukraine war continues to disrupt supply, says Fitch.

The Chinese company was seeking about 45 billion yuan ($6.7 billion) from the A-share private placement.

Headline industrial output in May grew an unexpected 0.7% from a year earlier.

Market focus has turned to the People's Bank of China, which could cut the rate on its medium-term lending facility on Wednesday.

Lead premiums in China's bonded warehouses have been around $130 a tonne since 2020.

Metal price fell as a stronger US dollar and renewed worries over demand due to partial lockdowns in China weighed on sentiment.

"Fresh lockdowns and mass testing in Beijing, Shanghai, and now Inner Mongolia is the realization of the ferrous market's worst fears," said Atilla Widnell, managing director at Navigate Commodities.