LIVE FUTURES REPORT 01/10: Fresh 15kt cancelation bolsters LME lead; nickel gains momentum

The London Metal Exchange three-month lead price rose during morning trading on Thursday October 1, with a large fresh cancelation of some 15,075 tonnes supporting the incline while LME nickel futures similarly traded in positive territory despite thin volumes.

LME lead’s outright price was recently trading at $1,835.50 per tonne, climbing by 0.5% from a morning low of $1,811.50 per tonne, while turnover was moderate at some 1,400 lots exchanged as of 10:30am London time.  Despite trading firmly above the $1,900-per-tonne threshold for most of September, a steady inflow of material back to LME-registered warehouses dampened LME lead’s price action.  Yet lackluster commodity demand in Europe and ongoing challenges for automotive sales allowed...

Published

Hassan Butt

October 01, 2020

10:10 GMT

London