Rolling LME/SHFE price report 09/07: Shanghai and London base metals steady as China announces new measures to stop stock market rout

Welcome to the rolling base metals price report, tracking the Shanghai Futures Exchange and London Metal Exchange markets on Thursday July 9. This article will be updated throughout the day with the latest on prices, comments, economic data and analysis.

17:00 London time update Nickel clawed back $500 per tonne compared with Wednesday's close, finishing the kerb at $11,500 per tonne.   “Nickel has been the strongest of the base metals, climbing 2.5% heading into US trade with the rest of the complex up around 1%. Volumes have backed off right across the complex, though nickel, and to a lesser extent copper are still seeing decent levels of activity with turnover still well above average,” Standard Bank said this afternoon. But nickel market participants said they are not convinced the metal is out of bearish territory yet. “We shorted it and we’re still short. As long as it stays below $12,500 I’m targeting $9,000 per tonne, “ one trader told Metal Bulletin. “We live in amazing times. I didn't think China would be the curve ball. I think there will be temporary bounces but overall commodities won't be getting too much of a sustainable bid for...

Published

Shivani Singh

Charlotte Radford

July 09, 2015

17:00 GMT

Singapore, London