LIVE FUTURES REPORT 30/05: LME nickel price rallies; zinc edges higher

Nickel prices on the London Metal Exchange climbed 1.4% at the close of trading on Wednesday May 30, while copper volumes traded at their highest since April 19.

The three-month nickel price gathered momentum throughout the afternoon, rallying from a daily low of $14,685 per tonne to reach a high of $15,190 per tonne for the day.  Nickel’s bullish move comes after the US dollar index softened from a fresh 2018 high of 95.03 on May 29.   “There is growing stainless-steel demand in China and nickel is also an important component in the ever-increasing production of car batteries for electric vehicles,” Andy Farida, analyst at Metal Bulletin, said.  “As such, any price weakness in the nickel complex may be a temporary phenomenon while dips are highly sought-after, we feel,” he added.  Showing similar strength, zinc’s...

Published

Hassan Butt

May 30, 2018

18:05 GMT

London