LIVE FUTURES REPORT 16/10: LME nickel price hits six-week low amid 3% decline; lead tops gains

The three-month price of nickel on the London Metal Exchange was down at the close of trading on Wednesday October 16, settling at its lowest level since August 29 amid thin turnover, while lead continued to rally over the afternoon.

Nickel’s outright price on the LME closed at $16,450 per tonne on Wednesday, falling from an intraday high of $17,020 per tonne to lose more than $500 per tonne, against just over 6,700 lots exchanged by the close. Downward movement in the price began earlier in the week for nickel, with the metal reaching a low of $16,500 per tonne on October 14, but maintaining support above the $17,000 per tonne mark at the close. Since then, LME stocks in nickel have continued to trend lower and were...

Published

Hassan Butt

October 16, 2019

18:06 GMT

London