LIVE FUTURES REPORT 20/12: LME nickel price rallies 2.3% on positive China data

Base metals on the London Metal Exchange broadly closed down in the afternoon on Friday December 20, once more capped by a stronger US dollar index, trading up 0.29% at 97.69 this afternoon, ignoring better-than-expected economic indicators from China.

China’s CB Leading index, an economic leading indicator intended to forecast future economic activity, was up three percentage points month on month to 1.5%, which is expected to have positive ramifications for base metals consumption in the region.
Nickel bucked the downward trend this afternoon by following Chinese economic developments, closing up 2.3% at $14,500 per tonne.
Nickel continues in its capacity of Asian equities base metals barometer, and volumes were strong as a result, with over 9,000 lots changing hands by the afternoon kerb today.

The LME three-month copper price also has potential to the upside in...

Published

Archie Hunter

Alice Mason

Julian Luk

Amy Hinton

December 20, 2019

18:02 GMT

London