LIVE FUTURES REPORT 29/10: LME nickel down amid spread tightness; lead up on fresh cancelation

The London Metal Exchange three-month nickel price was the under performer during morning trading on Thursday October 29, with its price action largely subdued against a continued upsurge in the US dollar index, while a fresh cancelation of some 18,525 tonnes kept the LME lead price elevated.

LME nickel’s outright price was recently trading at $15,515 per tonne on Thursday morning, falling by some 1.3% from an intra-morning high of $15,940 per tonne, while turnover was strong at more than 3,000 lots as of 10:15am London time. The metal’s volatile three-month price recently surpassed $16,000 per tonne on strong Asian demand. But continued strength in the US dollar index, along with ongoing concerns of a second wave of coronavirus infections dampening buying sentiment across Europe for nickel futures. Still,...

Published

Hassan Butt

October 29, 2020

11:15 GMT

London