LIVE FUTURES REPORT 20/11: Selling pressure pushes LME nickel price down 2%; Al strengthens despite inflows

The three-month nickel price on the London Metal Exchange continued to fall at the close of trading on Wednesday November 20, with continued selling pressure and supportive forward spreads prompting the metal’s lowest close since July.

Nickel’s outright price on the LME closed at $14,360 per tonne in the afternoon, falling by just over 2% from an intraday high of $14,695 per tonne. Turnover was at its lowest since November 7 with just 6,641 lots exchanged by the close. Yet while some believed that the metal’s underlying price decline was a corrective move, after supply-side concerns out of Indonesia pushed its three-month price beyond $18,000 per tonne in September, forward spread tightness had kept market participants cautious of engaging in nickel business. Tightness in nickel’s forward spreads has since eased, largely...

Published

Hassan Butt

November 20, 2019

18:22 GMT

London