LIVE FUTURES REPORT 04/09: LME nickel price hits 8-month low; copper, zinc and lead down more than 2%

Nickel prices on the London Metal Exchange fell to their lowest point since January at the close of trading on Tuesday September 4, with prices down by 2.5% amid sharp drops in copper, zinc and lead ,while strength in the US dollar continued to put pressure on base metals.

Three-month copper prices fell by 2.6% over the afternoon, continuing to edge away from the $6,000 per tonne support level, to reach their lowest point since June 2017. While broad risk-off sentiment continued to affect commodity investment, volatile emerging market currencies and renewed trade disagreements added further downward pressure to the base metals complex, while equity markets continued to trail lower against the surging dollar. “Investors have turned more risk off since Monday on fears that the trade dispute between the US and its major trading partners undermines manufacturing growth, after the release of IHS Markit’s disappointing manufacturing PMIs in Europe and the Caxin manufacturing PMI in China for August,” Metal Bulletin...

Published

Hassan Butt

September 04, 2018

18:50 GMT

London