LIVE FUTURES REPORT 01/07: Nickel price rally simmers despite fresh LME outflows; copper passes $6,000/t

Nickel’s three-month price on the London Metal Exchange remained elevated during morning trading on Monday July 1, but fell by 2% across European trading hours despite continued outflows.

The metal’s futures price reached an intra-morning high of $12,850 per tonne, its highest level since April.  Trading volumes were strong over the morning session, with more than 5,000 lots of nickel exchanged as of 9:15am London time, second to copper’s 8,000 lots.  LME nickel stocks have continued to decline throughout 2019, with just over 103,000 deliverable tonnes currently in LME warehouses, the lowest level since 2013. “Metals saw large systematic buy programmes last week (shorts covering) and thus far, any...

Published

Hassan Butt

July 01, 2019

10:32 GMT

London