LIVE FUTURES REPORT 18/07: LME nickel rallies above $15,000/t in 3.5% rise; lead up 2%

Nickel’s three-month price on the London Metal Exchange continued its rally throughout afternoon trading on Thursday July 18, closing just below $15,000 per tonne amid a continued flurry of technical buying and a seven-year low in LME stocks.

Nickel’s three-month price on the LME closed at $14,850 per tonne, climbing over 5% from an intraday low of $14,300 per tonne to trade at an intraday high of $15,115 per tonne. Volumes traded in nickel by the close surpassed 19,000 lots, their highest level since April 2018, when US-imposed sanctions on Rusal caused a knock-on spike in three-month nickel futures, with its price action reaching a high of $16,690 per tonne, while volumes reached 25,000 lots.  Some participants maintain that the recent price rally has been predominantly driven by technical buying in Asia, while commodity trading advisor (CTA) activity has further contributed to the commodity’s elevated price.  By...

Published

Hassan Butt

July 18, 2019

17:45 GMT

London