LIVE FUTURES REPORT 30/07: US GDP woes see LME base metals prices slide; copper spread tightens

Three-month base metals prices on the London Metal Exchange were collectively lower at the close of trading on Thursday July 30, with LME nickel’s 1.3% price dip leading the complex-wide decline, while a tightening of copper’s forward curve led to thin volumes and a negative close on the day.

Weighing equally heavily on the base-metals complex, the US economy shrank by 32.9% over the second quarter, according to advanced gross domestic product (GDP) data released in the afternoon. Nickel’s outright price on the LME closed at $13,735 per tonne on Thursday afternoon, falling from an intraday high of $13,990 per tonne, while turnover was moderate at just over 7,000 lots exchanged during the day. LME nickel’s forward curve continued to loosen over the week,...

Published

Hassan Butt

July 30, 2020

17:10 GMT

London