LIVE FUTURES REPORT 31/05: LME nickel price leads broadly positive complex; zinc bucks trend

Base metals on the London Metal Exchange were mostly higher during morning trading on Thursday May 31, with nickel prices recording the strongest upward move of the complex while zinc bucked the broadly positive trend.

Continuing to trade in positive territory above $15,000 per tonne, nickel prices are up 0.5% on the morning amid a strong upward trend for the metal. Buoyed by robust demand from the electric vehicle and stainless steel sectors, nickel inventories are also recording consistent drawdowns, exemplified in ongoing outflows and cancelations which have resulted in total LME nickel inventories falling 5.2% in May. Tin prices have rebounded this week from a dip below $20,000 per tonne on May 25, climbing 0.4% so far this morning, largely supported by a rise in Indonesian exports and strong demand from the semiconductor sector. Elsewhere, the three-month copper price ignored a significant 15.6% upswing in on-warrant stocks to climb 0.1% during morning trading. The red metal’s cash/three-month spread has narrowed from a contango of $21.25c per tonne on May 23, to its current reading of $9.50c...

Published

Hassan Butt

May 31, 2018

11:26 GMT

London