LIVE FUTURES REPORT 13/09: LME copper price drops further, nickel slumps

Base metals prices on the London Metal Exchange slumped on Wednesday September 13, led by a 5.2% drop in nickel prices, with speculative interest evaporating.

Nickel fell more than $600 per tonne from Tuesday’s 5pm close while copper has extended its losses over the past week to more than 5%, succumbing to pressure from further stock deliveries into LME-listed warehouses. Nearly 45,000 tonnes of copper cathodes have been delivered in over the past two days after a wide backwardation in the forward curve collapsed. “It seems as if metals prices begin falling virtually the moment they lose the support of speculative financial investors,” Commerzbank said in a note. “This shows that prices have become detached from...

Published

Alice Mason

September 13, 2017

17:46 GMT

London