LIVE FUTURES REPORT 10/10: LME base metals prices soften on dollar; IMF warns trade tensions could hamper global economy

Base metals' prices on the London Metal Exchange were mostly lower during morning trading on Wednesday October 10, pressured by broad strength in the US dollar index amid indications from the International Monetary Fund that ongoing trade tensions may stunt global economic growth.

Holding the majority of gains made at Tuesday’s close, the three-month nickel price continues to trade around the $13,000-per-tonne mark, with the metal’s 3.3% price rally largely due to the metal’s improving fundamental backdrop.  Strong demand from the stainless steel sector continues to keep nickel prices broadly elevated, however renewed discussion of developments in the electric vehicle sector at this year’s LME Week has also facilitated buying.  “On the sidelines of LME Week, Norilsk Nickel – one of the world’s largest nickel producers – commented on the situation on the global nickel market, albeit only in very vague terms. The company expects a supply deficit of between 50,000 and 150,000 tonnes next year. The extent of the deficit will be...

Published

Hassan Butt

October 10, 2018

11:50 GMT

London