LIVE FUTURES REPORT 23/07: LME nickel price up 4.5% as Tesla urges more mining; copper tightens

The three-month nickel price on the London Metal Exchange rallied at the close of trading on Thursday July 23, with the price settling more than 4% higher after US carmaker Tesla called for a ramp-up in global nickel mining.

Meanwhile, a continued tightening of LME copper’s forward curve failed to hamper the metal’s positive close.
Nickel’s outright price on the LME closed at $13,689 per tonne, a rise of 4.5% from the metal’s intraday low of $13,070 per tonne, while turnover was at its highest since March at more than 12,500 lots exchanged by the close.

LME nickel’s price rise came after Tesla’s chief executive officer, Elon Musk, publicly called for a ramp-up of global nickel mining in the afternoon, prompting...


Hassan Butt

July 23, 2020

17:18 GMT