LIVE FUTURES REPORT 06/08: LME nickel price holds gains amid dollar decline; German industrial orders soar

The London Metal Exchange three-month nickel price continued to trade in positive territory during the morning session on Thursday August 6, with ongoing weakness in the dollar index supporting buying momentum, while a surge in German manufacturing orders spurred hopes of economic recovery in Europe.

Nickel’s outright price on the LME was recently at $14,390 per tonne, dipping slightly below the nearby $14,400 per tonne resistance threshold, but holding the majority of Wednesday’s gains, while turnover was moderate at more than 2,300 lots exchanged as of 9:30am London time. Prompting a complex-wide surge in forward buying, Wednesday’s options expiry deadline saw a flurry of activity into the close, with holders either looking to exercise or trade against options. LME nickel’s benchmark cash/three-month spread was recently...


Hassan Butt

August 06, 2020

10:30 GMT