LIVE FUTURES REPORT 28/10: LME nickel price hits fresh year high in 2.5% rally

The London Metal Exchange three-month nickel price made significant gains in the morning session on Wednesday October 28, rising 2.5% from the previous day’s close to hit an intraday high of $16,310 per tonne - a fresh year-to-date high.

LME nickel futures bucked the complex’s current sideways trading trend, in which most metals continue to wax and wane in line with the US equities markets, on Wednesday but market opinion was divided as to the cause of the rally. “To say the metals have been dull and uninspiring over the last few trading days would be an understatement… [but] there is always one who does not stick to the plan and that is nickel,” Kingdom Futures chief executive officer Malcolm Freeman said in a morning note. Some recent analyst reports take...

Published

Amy Hinton

October 28, 2020

10:18 GMT

London