LIVE FUTURES REPORT 02/05: LME aluminium prices close 2.6% higher, nickel rebounds

Base metals on the London Metal Exchange were split at the close of trading on Wednesday May 2, with aluminium and nickel prices climbing more than 2%.

Aluminium’s three-month price made the largest gains over the afternoon, reaching a high of $2,330 per tonne and closing 2.6% higher. Despite continued volatility, the price has held above $2,200 per tonne.
News today of the United States’ extension of the deadline for investors to divest holdings in Rusal and EN+ has added to the saga of sanction-related factors contributing to the metal’s price shifts.

Cancellations are equally driving aluminium prices upwards, with more than 50,000 tonnes of fresh cancellations taking place across Asia this week. 
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Published

Hassan Butt

May 02, 2018

18:25 GMT

London