LIVE FUTURES REPORT 09/01: LME nickel price continues rally bucking overall lower trend

Base metals prices on the London Metal Exchange were mostly lower at the close on Tuesday January 9, with only nickel trading in positive territory.

The three-month nickel price climbed $160 per tonne higher while the cash/January-2018 nearby spread moved into a $3 per tonne backwardation. “The LME nickel market has tightened slightly since the start of the year, judging by the contraction in the contango in nearby spreads. The cash/three-month spread has averaged $49.20 contango per tonne so far in January, down from $59c per tonne in December,” Boris Mikanikrezai, Metal Bulletin analyst said. “Demand from the stainless steel sector remains strong. World crude steel production increased 5.9% year on year in October, according to the International Stainless Steel Forum (ISSF),” he added. Nickel prices gains were capped...

Published

Alice Mason

January 09, 2018

17:35 GMT

London