LIVE FUTURES REPORT 11/01: Base metals continue uptrend; LME nickel price climbs 2%

Base metals closed mostly higher on the London Metal Exchange on Friday January 11 on improving risk appetite, with nickel climbing above $11,400 per tonne.

The three-month nickel price remains in an uptrend - it gained 2% today and is up by more than 8% from its lowest in 2018 at $10,530 per tonne on December 31 - while zinc climbed by 1.2% to close just below $2,500 per tonne, basis three months.
Tightness in zinc’s forward curve eased by dramatically over the week - the cash/three-month spread has narrowed to a backwardation just $6 per tonne from $77 per tonne at the start of the week. Analysts attributed the move to lending and fewer large positions.

US-China trade talks remain at the top of the commodities agenda, with the two countries continuing negotiations amid...


Hassan Butt

January 11, 2019

17:48 GMT