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. 


Hassan Butt

May 02, 2018

18:25 GMT