LIVE FUTURES REPORT 30/08: LME nickel price closes at 5-year high in 9% upturn; tin climbs 3.6%

The three-month nickel price on the London Metal Exchange continued to surge at the close of trading on Friday August 30, closing at its highest level since September 2014, while a 3.6% uptick in tin futures did little to close a widening gap between the two metals.

Nickel’s rally began just before midday after the price breached the key $16,690 per tonne resistance level, opening a surge of fresh buying momentum, primarily prompted by news that the Indonesian government plans to expedite a raw materials ore ban previously set to take effect in 2022.
Just under 16,000 lots of nickel changed hands by the close of trading on Friday, the highest turnover since August 8.

“The new...


Hassan Butt

August 30, 2019

18:22 GMT