LIVE FUTURES REPORT 20/05: LME nickel price slips below $12,000/t in slow London trading

The three-month nickel price on the London Metal Exchange fell by 0.7% below its traditional support level of $12,000 per tonne during morning trading on Monday May 20, although thin trading volumes have capped further downside movement.

The metal’s futures price was recently traded at $11,910 per tonne.
Despite total LME stocks remaining at a seven-year low at just 164,100 tonnes, commodity traders have been hesitant to purchase nickel futures amid tighter forward spreads, with its cash/three-month spread swinging into backwardation last week, from a lengthy contango.

While the spread has recently moved back into a contango of $7 per tonne, very nearby nickel spreads remain under pressure, with the June/July 2019 spread recently...


Hassan Butt

May 20, 2019

10:28 GMT