LIVE FUTURES REPORT 04/02: LME base metals lackluster in absence of Asian trading; nickel price holds above $12,700/t

Base metals prices on the London Metal Exchange were mostly lower during low-volume morning trading on Monday February 4, shrugging off the downward trend in LME inventories.

Three-month nickel is maintaining its uptrend but only marginally - the three-month price eked out some marginal gains and is holding comfortably above $12,700 per tonne. It is now more than 17% higher than its 2018 low of $10,500 per tonne on December 31. Stocks are at their lowest since 2014 at just above 200,000 tonnes. According to LME data on Friday, there remains one dominant warrant holding position across total LME nickel stock, tom/next and cash positions. In zinc, more than 3,500 lots had changed hands of 10:15am London time, outpacing the rest of the complex in holiday-thinned volumes, with...


Hassan Butt

February 04, 2019

10:57 GMT