LIVE FUTURES REPORT 28/03: LME base metals prices lackluster amid weak US GDP growth

Base metals prices on the London Metal Exchange were broadly range-bound at the close of trading on Thursday March 28, with continued strength in the dollar deterring commodity investment while weaker-than-expected gross domestic product (GDP) figures from the United States continued to indicate economic contraction.

Nickel’s three-month price was the biggest downward mover of the day, closing once again at less than $13,000 per tonne and down by 1.3% on the day. The metal’s strong fundamentals and low stock volumes continue to facilitate price rallies upward of $13,000 per tonne, but selling pressure remains intact amid broad risk-aversion among investors. Despite this, nickel production at key mines remains in question, with projected nickel output at the Ambatovy mine in Madagascar slashed by 9% last week while key shareholder Sherritt International defaulted on...


Hassan Butt

March 28, 2019

18:24 GMT