LIVE FUTURES REPORT 09/11: LME nickel price soars 3% amid projected Biden presidency, US dollar decline; copper nears $7,000/t

The three-month nickel price was the standout performer during morning trading on the London Metal Exchange on Monday November 9, with a continued fading of the United States dollar index supporting buying momentum, while US presidential candidate Joe Biden’s nomination to the White House saw positive trading across the complex.

Nickel’s outright price on the LME was recently seen at $15,835 per tonne, climbing by more than 3% from Friday’s closing price of $15,362 per tonne, while turnover was high at more than 4,300 lots exchanged as of 10am London time. The metal’s forward curve widened over the morning, with LME nickel’s benchmark cash/three-month spread recently trading in a $41.25-per-tonne contango, widening from a $35-per-tonne contango last week. “The equity markets have reacted predictably with a ‘Biden Bounce’ and the...

Published

Hassan Butt

November 09, 2020

11:13 GMT

London