LIVE FUTURES REPORT 05/02: LME copper, nickel stage strong recoveries; positive start to the week for base metals prices

Base metals prices on the London Metal Exchange were mostly higher at the 5pm close on Monday February 5 although lead again bucked the trend.

The three-month copper price rallied to a high of $7,220 per tonne earlier, hitting a fresh three-week peak. Despite retreating slightly this afternoon, the metal still closed $125 per tonne higher than Friday’s close. “A previously strong flow of material into LME-approved warehouses seems to have run its course and the copper market has started to re-establish itself above $7,000 per tonne. Again, this reflects the bullish underlying support that copper has,” Metal Bulletin analyst Andy Farida said. Nickel prices also staged a strong recovery this afternoon, with the three-month price closing 1.5% higher at...

Published

Alice Mason

February 05, 2018

17:56 GMT

London