LIVE FUTURES REPORT 07/01: LME copper, nickel extend highs through $8,180, $18,200 per tonne

Forward prices for copper and nickel on the London Metal Exchange continued to reach new highs during trading on Thursday January 7, while the rest of the base-metals complex showed smaller increases than those seen at the beginning of the week on a marked rebound in the US dollar index.

Nickel’s three-month price achieved a new 16-month high of $18,200 per tonne on Thursday, with the uptake of electric vehicles continuing to build up the metal’s price. The volume traded on the LME exceeded 10,100 lots (50,500 tonnes of metal), which was nearly double the average of the final trading week of 2020, which was 5,113 lots. Nickel’s 5pm closing price on Thursday, at $18,109 per tonne, was 1.9% higher than Wednesday’s closing price of $17,773 per tonne, and 4% higher than its Monday closing price of $17,404 per tonne. The US dollar index rebounded to 89.88 at 5pm on Thursday from Wednesday’s 89.65. Nevertheless,...

Published

Ana de Liz

January 07, 2021

17:53 GMT

London