LIVE FUTURES REPORT 01/04: Strong US, Chinese manufacturing data bolsters LME base metals

Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Monday April 1, supported by strength in both the Chinese and United States' manufacturing data despite continued market concerns over the health of the global economy.

Despite reported strength from the manufacturing sector, US retail sales were weaker than expected in February at -0.4%, down from 1.4% the previous month, remaining indicative of contraction in the US economy.  Similarly, European Central Bank president Mario Draghi indicated the continued need for fiscal stimulus to counter geopolitical risk in the bank’s annual report this afternoon.  That said, the three-month nickel price continued to trade in positive territory over the afternoon session, with volumes traded indicating strong buying momentum with just over 10,000 lots changing hands by the close.  The metal’s three-month price remains just below $13,100 per tonne, while its cash price sits below the mark amid a cash/three-month spread of...

Published

Hassan Butt

April 01, 2019

18:12 GMT

London