LIVE FUTURES REPORT 29/08: LME nickel climbs 2.3%: copper holds above $5,700 per tonne

The three-month price of nickel traded on the London Metal Exchange continued to outshine the rest of the base metals complex on Thursday August 29, up by 2.3% at the close to $16,445 per tonne, compared with yesterday’s close at $16,085 per tonne.

The LME cash/three-month nickel spread continued to trade in its widest backwardation for 12 years, at $99 per tonne at the close of trading, a marginal $2 per tonne wider than $97 per tonne earlier in the day. “Nickel has been in market bulls’ crosshairs since the second half of 2019 due to various supply disruptions in Asia,” Fastmarkets research analyst Andy Farida said. “This has had a positive net effect on the price. At the moment, the price is elevated due to the potential Indonesian export ban, which has been priced...


Amy Hinton

August 29, 2019

18:38 GMT