LIVE FUTURES REPORT 28/10: LME nickel price declines amid spread tightness; lead surpasses $1,800/t after close

The three-month nickel price on the LME was weaker at the close of trading on Wednesday October 28, down by more than 1% against spread tightness and selling pressure, in addition to a steady rise in the US dollar index.

London Metal Exchange lead futures, meanwhile, bucked the downward trend to end the day as the only positive close.  Nickel’s outright price on the LME closed at $15,733 per tonne on Wednesday afternoon, declining from an intraday high of $16,310 per tonne, but also recovering from a daily low of $15,635 per tonne. Turnover in LME nickel was at its highest level since August 5, with more than 13,000 lots exchanged by the 5pm close.  The downward price action in LME nickel was largely prompted by a tightening...


Hassan Butt

October 28, 2020

18:08 GMT