LIVE FUTURES REPORT 29/11: LME nickel sheds 2.3%; Al spread backwardations widen despite inflows

The three-month price of nickel traded on the London Metal Exchange continued its descent below $14,000 per tonne to close at $13,675 per tonne on Friday 29, down by 2.3%, amid stainless steel demand concerns and ongoing macro tension between the United States and China.

Nickel futures have come under constant pressure from the LME three-month nickel price depreciating by 27% to its current level since hitting a year high of $18,850 per tonne on September 2. Price slackness comes despite a significant 59% stock drawdown to the current 68,280-tonne LME global inventory level from the 166,680-tonne level on September 12, highlighting an ongoing divorce in physical market...


Amy Hinton

November 29, 2019

17:38 GMT