LIVE FUTURES REPORT 15/10: LME nickel price holds gains; tin climbs on fresh cancellation

The three-month nickel price on the London Metal Exchange held on to gains made earlier in the week during morning trading on Thursday October 15, despite a downturn in Chinese producer and consumer prices last month prompting selling pressure, while a fresh cancellation in tin kept the metal’s price elevated.

Nickel’s outright price on the LME was recently trading at $15,395 per tonne, holding Wednesday’s gains and pushing to an intra-morning high of $15,575 per tonne despite slight selling pressure over the morning. Turnover was moderate at 3,500 lots exchanged as of 10:30am London time.

Wednesday’s price spike in LME nickel was largely due to shares in technology company Tesla climbing after the company decided to reduce the price of its Model S electric vehicle, while a climb in US producer prices also help support buying momentum.

Tesla chief executive Elon...

Published

Hassan Butt

October 15, 2020

10:59 GMT

London