LIVE FUTURES REPORT 16/02: Nickel price closes above $11,000/t on supply concerns; copper ends at $6,000/t after choppy session

Base metals put in another choppy trading session in LME trading on Thursday February 16, with copper darting around either side of $6,000 following an early-afternoon sell-off, while nickel closed above $11,000.

The three-month nickel price closed at $11,070 per tonne, up 1.33% on Wednesday’s close, which reflects the Philippines’ crackdown on the country’s mining sector and continued uncertainty about Indonesian ore exports. Indonesia and the Philippines have thrown off the rebalancing of the nickel market, according to Bank of America Merrill Lynch. The nickel market’s fundamentals had improved drastically over the past 12 months due to a fall in nickel pig iron production in China and Indonesia’s ore export ban, the US-based bank said in a February 10 report. Copper price fluctuates in choppy sessions...

Published

Echo Ma

Kathleen Retourné

February 16, 2017

18:30 GMT

London