LIVE FUTURES REPORT 24/11: Copper, nickel close with fresh week highs; zinc fails to find momentum

Base metals prices on the London Metal Exchange mostly closed the week in positive territory on Friday November 24 with only zinc bucking the higher trend.

“Today was another holiday thin trading day but LME base metals continued to hold steady through the morning and made further gains in the afternoon sessions as the USD weakened,” Sucden Financial’s daily report said. The three-month copper price continued to be supported by news of industrial action in Peru and Chile, with its 5pm closing price above $7,000 per tonne for the first time since Wednesday October 25. Nickel prices also set fresh highs for the week closing at $12,000 per tonne, with the metal being supported by the weaker dollar and stainless steel demand. “Demand from the stainless steel sector remains strong; world stainless steel melting production increased 5% year on year in the first half of 2017, the latest figures from the...

Published

Alice Mason

November 24, 2017

17:45 GMT

London