LIVE FUTURES REPORT 16/10: LME nickel price continues to climb; copper down despite fresh 10kt cancellation

The three-month nickel price on the London Metal Exchange continued to gain upward momentum during morning trading on Friday October 16 while a fresh cancellation of 10,000 tonnes of copper this morning failed to prevent the metal’s morning price dip.

Nickel’s outright price on the LME was recently trading at $15,625 per tonne, breaching resistance at $15,600 per tonne after closing at $15,422 per tonne on Thursday afternoon. Turnover was moderate, with just under 2,000 lots exchanged as of 10:30am London time.
Forward buying in nickel continues to be facilitated by the metal’s wide forward curve, with its benchmark cash/three-month spread recently trading in a $46 per tonne contango.

Meanwhile, today marks the first day that...

Published

Hassan Butt

October 16, 2020

10:16 GMT

London