LIVE FUTURES REPORT 10/03: LME nickel nears $13,000/t in 3% recovery; complex follows up

The three-month nickel price on the London Metal Exchange improved during morning trading on Tuesday March 10, recouping losses made in Monday’s decline in a 3% rally, while the rest of the complex followed higher.

Nickel’s outright price on the LME was recently at $12,920 per tonne, climbing from a morning low of $12,570 per tonne. Turnover in nickel was high this morning, with more than 5,000 lots as of 9:10am London time.  The metal’s forward curve narrowed significantly this week, with nickel’s benchmark cash/three-month spread recently trading in a $47-per-tonne contango, narrowing from a contango of over $70 per tonne last week.  This morning’s fresh cancelation of some 2,982 tonnes from LME-registered warehouses...


Hassan Butt

March 10, 2020

10:15 GMT