LIVE FUTURES REPORT 02/10: LME nickel near $14,000/t in 1.5% dip; copper above $6,300/t

The London Metal Exchange three-month nickel price dipped during morning trading on Friday October 2, down by 1.5% against continued selling pressure, while a slight recovery in copper buying led the red metal’s price back above the $6,300-per-tonne threshold.

LME nickel’s outright price was recently at $14,085 per tonne on Friday morning, falling from $14,343 per tonne at Thursday’s close, while turnover was minimal at just over 1,700 lots as of 10:30am London time.  Broad risk-aversion across the LME base metals complex emerged on Thursday afternoon, when US House Representative Nancy Pelosi and Treasury Secretary Steve Mnuchin failed to strike an agreement on a fiscal stimulus package to continue the United States' fight against Covid-19.  This morning’s news that US president Donald Trump and first lady Melania Trump have tested positive for coronavirus further supported risk-off sentiment,...


Hassan Butt

October 02, 2020

10:08 GMT