LIVE FUTURES REPORT 09/01: LME base metals price up amid US-China trade optimism; copper, nickel higher

Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Wednesday January 9, with a continued uptrend in copper, nickel and tin futures topping gains while a softer US dollar index continues to support commodity investment.

Climbing furthest over the afternoon, the three-month copper price appreciated just shy of 1% during afternoon trading, closing at its highest level since December 28, 2018, while volumes traded on the day were moderate, ending the day as the most traded on the complex at 16,141 lots. Similarly, nickel futures closed above $11,200 per tonne and reached their highest level since November 2018, with continued strength in demand from the Chinese stainless steel and global electric vehicle sectors supporting its price action.  Following the uptrend, tin’s three-month price closed above $20,000 per tonne for the first time since July 31, 2018 amid continued support arising from export delays out of Indonesia, the metal’s second largest global exporter.  Furthermore, total LME tin stocks continued their downtrend, with on-warrant material now sitting just above...

Published

Hassan Butt

January 09, 2019

17:55 GMT

London