LIVE FUTURES REPORT 06/07: LME nickel price continues rally; copper clears $6,100

The three-month nickel price on the London Metal Exchange was the standout performer at the close of trading on Monday July 6, with turnover at its highest since June 2, while copper futures similarly found momentum over the afternoon, closing above nearby resistance.

Nickel’s underlying price on the LME closed at $13,336 per tonne on Monday afternoon, climbing from an intraday low of $12,985 per tonne, while turnover was at its highest for more than a month at some 8,600 lots exchanged by the close. Strong demand from the stainless steel sectors continued to give the strongest tailwind for the LME nickel price, with the afternoon’s closing price marking the highest settlement price since January 23. Total open interest in LME nickel has trended lower over June-July, however, with the current number of 259,789 open positions significantly lower than the 300,000 open positions...


Hassan Butt

July 06, 2020

17:08 GMT