LIVE FUTURES REPORT 06/01: Fresh inflows pressure LME nickel price lower; zinc holds gains

The three-month nickel price on the London Metal Exchange moved lower during morning trading on Monday January 6 despite low turnover, with price action pressured by a fresh inflow of more than 3,000 tonnes, while the LME zinc price was the most resilient over the morning period.

Nickel’s outright price was recently seen at $13,665 per tonne, topping morning losses with a downturn of just under 1%, despite morning turnover being moderately low at just over 1,500 lots exchanged as of 9:30am London time. Continued inflows of nickel into exchange-registered warehouses have remained a key factor for the nickel complex in recent weeks, with LME on-warrant nickel inventories climbing more than twofold over the December period. This morning’s inflow saw just under 3,000 tonnes enter LME-registered warehouses in Singapore, while some 96 tonnes was also sent into Kaohsiung. Total on-warrant nickel stocks now sit at 132,318 tonnes, up from...

Published

Hassan Butt

January 06, 2020

10:33 GMT

London