LIVE FUTURES REPORT 03/07: LME nickel price bucks downtrend with 1.3% climb; copper spread swings to backwardation

The three-month nickel price on the London Metal Exchange surged by more than 1% during morning trading on Friday July 3 amid strong turnover, while tight forward spreads cooled interest in LME copper futures.

Nickel’s outright price on the LME was recently at $13,090 per tonne, having surged beyond nearby resistance levels to reach an intra-morning high of $13,110 per tonne, while turnover breached 4,000 lots as of 10am London time. The upward price action in LME nickel futures comes with little movement in exchange stocks, which remain largely unchanged at 234,264 tonnes, with 178,590 deliverable tonnes held predominantly in LME-registered warehouses in Johor, Kaohsiung, Port Klang, Rotterdam and Singapore. LME nickel’s cash/three-month spread remains wide, recently trading in a $55 per tonne contango, widening from a...

Published

Hassan Butt

July 03, 2020

10:44 GMT

London