LIVE FUTURES REPORT 28/01: LME nickel, copper hit fresh lows on risk-off selling

The London Metal Exchange three-month nickel price hit a seven-month low at $12,550 per tonne on Tuesday January 28, precipitated by risk-off selling while the uncertainty in Asian markets mounts due to China’s growing coronavirus epidemic.

“All eyes have been on the underlying nickel price with the market hitting a seven-month low on the coronavirus outbreak. Funds have shifted into risk-off mode based on the virus,” a European trader told Fastmarkets. “But a stronger US dollar should present a good buying opportunity for end-users within the next month or so,” he added. The LME three-month copper price fared little better, shedding 0.7% to close at $5,702 per tonne...


Amy Hinton

January 28, 2020

17:50 GMT