LIVE FUTURES REPORT 03/12: LME nickel price sheds 3.5% despite fresh cancelation; contango widens

The three-month nickel price on the London Metal Exchange was lower at the close of trading on Tuesday November 3, with this morning’s fresh cancelation of 1,326 tonnes doing little to negate selling pressure, while the metal’s benchmark cash/three-month spread reached its widest level since July.

Nickel’s outright price on the LME closed at $13,375 per tonne this afternoon, softening by more than 3.5% from an intraday high of $13,780 per tonne while just over 7,300 lots of metal were exchanged over the day. Despite the sell-off, LME nickel inventories remain under pressure with stock withdrawals a common feature of the complex, yet this morning’s fresh cancelation of some 1,326 tonnes – the bulk of which was removed from LME-registered warehouses in Moerdijk, the Netherlands – did little to stem selling pressure. On-warrant...

Published

Hassan Butt

December 03, 2019

17:30 GMT

London