LIVE FUTURES REPORT 06/08: LME nickel price nears $14,500; lead up 2% at close

The three-month nickel price on the London Metal Exchange was higher at the close of trading on Thursday August 6, nearing resistance at $14,500 per tonne despite moderate turnover, while lead futures continued to rise against a positive forward curve.

Nickel’s outright price on the LME closed at $14,478 per tonne on Thursday afternoon, climbing from an intraday low of $14,290 per tonne, while turnover was moderately low at just over 5,000 lots exchanged by the close. Wednesday’s option expiry across the LME market prompted a flurry of buying activity across the base-metals complex, with nickel’s underlying price rallying by some 4.5% on Wednesday afternoon. While the price continued to rise over the day, nickel’s three-month price failed to close near the intraday high of $14,645 per tonne. A widening...

Published

Hassan Butt

August 06, 2020

17:15 GMT

London