LIVE FUTURES REPORT 31/01: Soft dollar continues to support LME base metals; zinc, lead looking strong

Base metals prices on the London Metal Exchange closed in positive territory across the board on Wednesday January 31, supported by dollar weakness.

The three-month nickel price remained the strongest performer of the complex throughout the day, supported from dip-buying. “A combination of surging China imports, tightening supplies and fund interest are expected to sustain prices of stainless steel and its fundamental ingredient nickel, supporting prices from their highest level in more than two years,” John Meyer of SP Angel said. Nickel prices hit over $14,000 per tonne earlier in the week – the highest since May 2015 – but have witnessed some further price volatility since. On Tuesday, nickel’s three-month price closed down $455 per tonne – but it has rebounded slightly today, recovering 1.3%. The rest of the...


Alice Mason

January 31, 2018

17:52 GMT