LIVE FUTURES REPORT 04/02: LME base metals prices surge; many hit multi-month highs

Base metals prices on the London Metal Exchange were predominantly higher at the close on Monday February 4, with nickel, zinc and lead surging while aluminium closed above $1,900 per tonne.

The three-month nickel price rallied to its highest since August 2018 above $13,000 per tonne. According to LME data, one dominant position remains in place at 50-79% across total LME nickel stocks, tom/next and cash positions. The three-month lead price closed at its highest since August 2018. The breached its 200-day moving average of $2,127.50 per tonne briefly during the afternoon. This morning’s rewarranting of just under 24,000 tonnes did little to ease the metal’s upward momentum, while a dominant position has also emerged at 50-79% of cash positions. “Base metals bounced back this afternoon despite a continued recovery in the dollar index, with...

Published

Hassan Butt

February 04, 2019

18:10 GMT

London