LIVE FUTURES REPORT 11/02: LME nickel price back above $13,000/t; copper rebounds 1.2%

The London Metal Exchange three-month nickel price climbed by over 2% during morning trading on Tuesday February 11 despite continued inflows and copper found support amid a broadly positive complex.

Nickel’s underlying price on the LME rose to $13,190 per tonne from Monday’s closing price of $12,885 per tonne. Turnover was moderate at just over 3,200 lots exchanged as of 9am London time. Buying momentum comes against a continued increase in nickel exchange stocks. There was another fresh inflow of 4,662 tonnes in Johor and Kaohsiung this morning. LME on-warrant nickel stocks now sit at 128,550 tonnes, up from 43,700 tonnes at the start of December 2019. Meanwhile, nickel’s cash/three-month spread continues to exhibit the widest contango across the complex, recently at...

Published

Hassan Butt

February 11, 2020

10:32 GMT

London