LIVE FUTURES REPORT 09/10: LME base metals price action capped by low volumes; Ni drawdowns continue

London Metal Exchange three-month base metals prices were little changed - with the exception of nickel - during morning trading on Wednesday September 9 amid lackluster turnover despite the dollar index trading down 0.11% at 98.98 at the same time.

Uncertainty over imminent United States-China trade talks, which continue to falter, weaker Caixin Services purchasing managers index data released on Tuesday and an anticipated recession in the German economy continue to cap trading interest in base metals, which continue to react increasingly to the global macroeconomic landscape.

Significant drawdowns of LME nickel stocks continue with 8,898 tonnes taken out of the LME global warehouse network today, leaving stocks at 108,624 tonnes - their lowest level since June 2012.

The significant drawdowns have been largely attributed to Chinese stainless steel giant Tsinghshan and have given rise...


Amy Hinton

October 09, 2019

10:20 GMT