LIVE FUTURES REPORT 10/02: LME nickel price leads complex in 1.3% climb; zinc continues freefall amid 9kt inflow

The three-month nickel price on the London Metal Exchange was higher during morning trading on Monday February 10, testing support above $13,000 per tonne against moderate turnover, while zinc came under further pressure from continued deliveries.

Nickel’s outright price on the LME was recently trading at $12,990 per tonne this morning after briefly climbing to an intra-morning high of $13,080 per tonne. Volumes traded over the morning were moderately strong with some 3,100 lots exchanged as of 9:45am London time.
Buying momentum in LME nickel futures has recently been supported by positive forward spreads, with the metal’s benchmark cash/three-month spread recently seen in an $83-per-tonne contango.

Nickel continues to trade in the widest contango across the complex, with aluminium’s cash/three-month spread second at a contango of...


Hassan Butt

February 10, 2020

10:38 GMT