LIVE FUTURES REPORT 12/09: Dollar retreat triggers uptick in LME base metals; nickel climbs 3%

The prices of base metals on the London Metal Exchange were broadly higher at the close of trading on Wednesday September 12, propped up by a sizeable downturn in the US dollar index amid proposals of another round of trade talks between the United States and China.

Climbing 3% over the afternoon and recouping losses made at Tuesday’s close, nickel’s three-month price has pushed back over $12,600 per tonne, reaching an intraday high of $12,655 per tonne.  Meanwhile, both three-month zinc and lead prices climbed more than 2% over the afternoon, with the latter closing back above $2,000 per tonne after closing below the support level for the first time since August 20 on Tuesday.  “We're seeing a modest bounce in the group, with the exception of tin and aluminum. The latter has now rolled back its entire advance triggered earlier in the week on a story that Rusal was reportedly cutting back output in preparation for US sanctions scheduled for late October,” INTL FCStone analyst Edward Meir said in an...


Hassan Butt

September 12, 2018

18:02 GMT