LIVE FUTURES REPORT 21/07: EU recovery fund bolsters LME base metals complex; nickel leads the way

London Metal Exchange three-month base metals prices were collectively higher during morning trading on Tuesday July 21, supported by the unveiling of a €750 billion ($857 billion) European Union stimulus package to counter the continued economic fallout of the coronavirus pandemic.

Topping complex gains over the morning, nickel’s three-month price on the LME was recently trading at $13,340 per tonne, a rise of 1.2% from a morning low of $13,180 per tonne, while turnover was thin at just over 1,500 lots exchanged as of 10:15am London time. Upward price action in LME nickel comes despite a fresh inflow of 468 tonnes into LME-registered warehouses in Singapore, while forward buying remains supported by a widening contango in...


Hassan Butt

July 21, 2020

11:01 GMT