LIVE FUTURES REPORT 24/01: LME nickel price continues downtrend; copper ticks above $6,000/t

The three-month nickel price on the London Metal Exchange was lower during morning trading on Friday January 24, with price action continuing its descent against consistent inflows, while copper futures found support back above nearby resistance.

Nickel’s outright price on the LME was recently seen at $13,285 per tonne, 0.7% below Thursday’s closing price of $13,350 with just 536 lots exchanged as of 9:20am London time. Prompting downward price action, fresh inflows of nickel continue over January, with nickel’s LME on-warrant stock level at 134,436 tonnes, up from just 43,700 tonnes at the start of December 2019. Selling pressure in nickel also comes despite positive forward spreads, which support both spot business and the retention of metal. Nickel’s benchmark cash/three-month spread was recently seen in a 76.50-per-tonne contango, the widest contango across the complex. “In the...

Published

Hassan Butt

January 24, 2020

10:32 GMT

London