LIVE FUTURES REPORT 09/10: LME nickel rallies 4% on Asian buying return; aluminium at 15-month high

The three-month price of zinc on the London Metal Exchange rallied at the close of trading on Friday October 9, with a steady decline in the US dollar index supporting a flurry of Asian buying, while a similar upsurge in aluminium saw the metal close at its highest price since July 2019.

Nickel’s outright price closed at $15,221 per tonne in the afternoon, climbing from an intraday low of $14,665 per tonne, while turnover was moderate at just over 8,600 lots exchanged by the 5pm electronic close. Improved interest in the LME nickel briquette trade may have been one reason for nickel’s standout price performance, due to the Shanghai Futures Exchange (SHFE) being ready to accept delivery of briquettes in a week’s time. Concerns remained over whether Australia-origin briquettes would be accepted after tensions between China and Australia emerged earlier this year. BHP is Australia’s largest nickel producer and an LME-registered producer of nickel briquettes and full-plates. Yet with volumes moderate, market...

Published

Hassan Butt

October 09, 2020

17:14 GMT

London