LIVE FUTURES REPORT 24/05: LME nickel price rockets 4% on short-covering; copper holds below $6,000/t

The three-month nickel price on the London Metal Exchange climbed by more than 4% at the close of trading on Friday May 24, soaring beyond $12,300 per tonne amid a slight softening of the dollar index and while investors seek to cover shorts ahead of the UK bank holiday next week.

Despite moderately low volumes over the day’s trading, more than 15,000 lots of nickel changed hands at a value of around $930 million, the most since August 2018.
“Net length among LME investment funds increased by 1,415 lots in the week to May 17. The 344-lot decline in gross longs was negated by a 1,759-lot reduction in fund shorts,” Fastmarkets MB analyst Andy Farida said.

“But positioning remains polarized, pointing to further price volatility in the short-to-medium term while bulls and bears battle...


Hassan Butt

May 24, 2019

17:50 GMT