LIVE FUTURES REPORT 22/11: Sideways trading caps LME base metals prices; nickel price climbs 1%

Base metals prices on the London Metal Exchange consolidated at the close of trading on Friday November 22, with nickel futures notching a 1% rise over the day against sideways trading and moderate turnover generally.

Nickel’s outright price on the LME closed at $14,635 per tonne this afternoon, a climb of around 1% from Thursday’s closing price of $14,505 per tonne, but an incline of just under 3% from the metal’s intraday low of $14,220 per tonne.  Turnover was moderate at around 7,697 lots exchanged by the close, while buying was supported by positive forward spreads in nickel, with the metal’s benchmark cash/three-month spread recently trading in a $40 per tonne contango.  While LME nickel stocks were subject to a marginal outflow of 72 tonnes today, along with the fresh...

Published

Hassan Butt

November 22, 2019

18:26 GMT

London