LIVE FUTURES REPORT 03/01: LME base metals prices consolidate in mixed trading; nickel maintains upward momentum

Base metals prices on the London Metal Exchange were mixed during morning trading on Thursday January 3, with the moderate strength in the US dollar index against a backdrop of low LME stocks keeping trading ranges narrow.

Despite a decade-low in LME inventory, zinc’s three-month price continues face persistent downward pressure and is trading below its nearby $2,400-per-tonne threshold. The metal’s futures price is down over 9% from last month’s high of $2,643.50 per tonne achieved on December 7.  Similarly, lead’s three-month price continues to lose support despite trading at its highest level since October 2018 last week at a December high of $2,060 per tonne, while the metal has since dropped 5.7% and is trading near $1,950 per tonne. In nickel, a brief rally earlier this week resulted in the metal’s three-month price climbing from its lowest level since December 2017 at $10,630 per tonne on December 31, to its current level above $10,800 per tonne.  “Sentiment remains poor following the weak China PMI release yesterday and Apple cutting its revenue outlook for...

Published

Hassan Butt

January 03, 2019

11:38 GMT

London