LIVE FUTURES REPORT 10/07: LME nickel continues descent in 1.2% drop; copper holds above $6,300/t

The LME three-month nickel price was trading down 1.2% on the previous day’s close at around $13,080 per tonne during the morning session on Friday July 10, continuing its descent from yesterday’s $13,550 per tonne intraday high.

Yesterday’s shadow-stock report from the London Metal Exchange said that 18,753 tonnes of nickel was available off-warrant globally, which constitutes about 8% of the 234,672 tonnes of the total stock available on the LME. Off-warrant nickel stocks were lower than many participants were expecting, but still failed to offer any support to LME nickel futures this morning, despite some regarding it as bullish for nickel in the longer term. “From a nickel perspective - the minimal hidden stocks form part of its bullish dynamics. Now we need global demand to pick...

Published

Amy Hinton

July 10, 2020

10:25 GMT

London