LIVE FUTURES REPORT 21/10: LME copper price soars above $7,000; nickel down 1%

The three-month price of copper on the London Metal Exchange was the standout performer at the close of trading on Wednesday October 21, reaching its highest in more than two years and aided by a downturn in the US dollar index, while LME nickel’s price rally cooled against selling pressure over the afternoon.

Copper’s outright price on the LME closed at $6,991.50 per tonne on Wednesday afternoon, softening from an intraday high of $7,034 per tonne. Turnover was at its highest since October 2, with some 20,494 lots exchanged by the 5pm London close.
Driving the metal’s three-month price higher, copper’s application in wire and cable end-uses was the subject of market discussion regarding a ‘green’ infrastructure boom at this year’s LME Week virtual seminar.

Published

Hassan Butt

October 21, 2020

17:35 GMT

London