LIVE FUTURES REPORT 20/08: LME nickel down 0.6%; Al below $1,800 per tonne

The three-month nickel price on the London Metal Exchange continued to fall on Tuesday August 20, ending the day down by 0.3% at the afternoon kerb to $15,860 per tonne, compared with Monday’s close at $15,920 per tonne.

The LME’s nickel inventory volumes stayed flat during the day’s trading. The September/three-month spread was in a backwardation of $40 per tonne and the cash/three-month spread in a backwardation of $24.50 per tonne, but these failed to attract metal back onto the exchange, despite an inflow of 3,400 tonnes on Monday. Market consensus was that the supply picture for nickel did not look as tight as the price and spread movement would suggest, with recent volatility in the three-month price still being attributed to spread squeezes from long position holders of the September contract. “The 3,400 tonnes of briquettes [that moved] into...

Published

Amy Hinton

August 20, 2019

17:35 GMT

London