LIVE FUTURES REPORT 30/04: LME nickel price sinks 1.3% on low turnover; copper below $5,200

The three-month nickel price on the London Metal Exchange lost ground at the close of trading on Thursday April 30, closing at its lowest level in more than a week against thin turnover, while selling pressure pushed copper futures below nearby support levels.

Nickel’s outright price on the LME closed at $12,192 per tonne on Thursday afternoon, falling from an intraday high of $12,355 per tonne. Turnover was low at just over 4,300 lots exchanged by the close. Global demand for nickel remained weak, prompting the selloff, with the metal’s end-use in steel production tenuous against broad risk-aversion across commodity markets. Yet despite Covid-19-related lockdown measures now beginning to ease globally, concerns over a second wave of infection continued to keep prospective business on the market sidelines for now. Supporting...

Published

Hassan Butt

April 30, 2020

17:45 GMT

London