LIVE FUTURES REPORT 01/07: LME nickel price falls 3% amid weak Chinese manufacturing data

Nickel’s three-month price on the London Metal Exchange was lower at the close of trading on Monday July 1, failing to sustain recent gains while poor data from China’s manufacturing sector damped buying sentiment.

Three-month nickel futures closed at $12,350 per tonne during the afternoon, down by a little less than 3% from an intraday high of $12,850 per tonne, its highest level since April.
Market participants continued to cite multiple reasons for nickel’s price volatility over June, but technical buying has emerged as the most likely reason for the recent uptrend.

But data published early on Monday compounded the weaker outlook for the Chinese economy, the world’s largest nickel producer and consumer, with the Caixin manufacturing...


Hassan Butt

July 01, 2019

18:25 GMT