LIVE FUTURES REPORT 24/05: LME nickel surges 1.6%; tin price struggles

Base metals on the London Metal Exchange were broadly higher at the close of trading on Thursday May 24, with nickel prices leading the complex 1.6% higher while tin prices edge lower.

Rallying to a daily high of $14,900 per tonne, nickel’s three-month price experienced a late-afternoon surge, gaining more than $200 per tonne in the LME’s kerb trading session.  The metal’s declining inventory picture – dropping below 300,000 tonnes on May 23 for the first time in four years – coupled with strong demand from the electric vehicle sector continues to compound broadly bullish price sentiment.  Similarly recording gains, lead’s three-month price found support throughout the afternoon, reaching a daily high of $2,515 per tonne.  “Compared to the rest of its peers, lead prices have started to diverge higher on an improved technical configuration...

Published

Hassan Butt

May 24, 2018

18:00 GMT

London