LIVE FUTURES REPORT 14/10: LME nickel price sinks 4.3%; lead continues downtrend

The three-month price of nickel on the London Metal Exchange was lower at the close of trading on Monday October 14, falling by more than 4% over the afternoon against high turnover while the majority of the base metals complex followed that downtrend.

Nickel’s outright price on the LME closed at $16,600 per tonne, falling by more than 4% from an intraday high of $17,545 per tonne, while more than 11,000 lots changed hands over the afternoon, the most since September 3. Yet downward price movement in nickel came after a gradual downturn in LME stocks led the inventory to fall to its lowest level since 2008, with just 94,134 tonnes in total, and some 52,068 tonnes on-warrant. Similarly, any purchase of nickel futures would have to factor in an extremely tight forward LME curve,...

Published

Hassan Butt

October 14, 2019

18:18 GMT

London