LIVE FUTURES REPORT 22/09: LME copper, nickel prices retrace slump after equities nosedive

The London Metal Exchange’s three-month prices for copper and nickel were once more trading in positive territory during the afternoon session on Tuesday September 22, retracing losses made on the previous day’s slump in US equities values.

Copper and nickel futures are both particularly sensitive to the macro-economic environment at present, with both metals’ LME three-month prices falling on the basis of a sharp sell-off precipitated by Monday’s downward correction in US equities markets. The Dow Jones Industrial Average was last seen down by 0.3% to 27,067.52, while the S&P 500 was up by 0.15% to 3,285.91, and the Nasdaq Composite was up by 0.45% to 10,824.12. US Treasury secretary Steven Mnuchin, in a joint appearance before the country’s lawmakers with the chair of the Federal Reserve bank, Jerome Powell, described the US economy’s recovery as the fastest rebound from any crisis in American history. “The base metal index recovered some of yesterday’s losses in morning trading,” StoneX senior...


Amy Hinton

Rijuta Dey Bera

September 22, 2020

18:55 GMT