LIVE FUTURES REPORT 21/05: LME base metals prices advance despite dollar strength

Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Tuesday May 21, ignoring an uptick in the dollar index, while trade war concerns continue to keep liquidity levels low.

The three-month nickel price climbed by 0.5% this morning to edge back above the nearby $12,000 per tonne resistance level after settling below the mark at Monday’s close. The price has reached an intra-morning high of $12,140 per tonne today.
The metal’s price action remains volatile, and with increasing global supply on the horizon, it could be vulnerable to further weakness this year.

Nickel has fallen by just under 12% from its 2019-high of $13,765 per tonne achieved on March 6, but remains...


Hassan Butt

May 21, 2019

09:57 GMT