LIVE FUTURES REPORT 12/03: LME nickel price nears $12,100/t after 16kt rewarranting; copper sinks below $5,500/t

The three-month nickel price on the LME was lower during morning trading on Thursday March 12, selling-off some 2.4% of its outright price against broad macroeconomic risk-aversion, while a fresh rewarranting of some 16,656 tonnes added downward pressure.

Nickel’s underlying price on the London Metal Exchange was recently seen at $12,115 per tonne, a drop of more than 2% against Wednesday’s closing price of $12,420 per tonne.  Turnover in nickel was moderate, however, with more than 5,000 lots exchanged as of 9:15am London time.  Meanwhile, this morning’s 16,656-tonne rewarranting took place in mixed locations, with just under 12,000 tonnes placed back on-warrant in LME-registered warehouses in Singapore, while just over 4,000 tonnes were rewarranted in Johor, Malaysia, and 726 tonnes in Kaohsiung in Taiwan.  While the bulk of the rewarranted cargoes were bagged...

Published

Hassan Butt

March 12, 2020

10:33 GMT

London