LIVE FUTURES REPORT 22/01: Nickel down 1.5%; LME complex deflates after Biden bounce

The London Metal Exchange complex traded downward on Friday January 22 morning, with nickel down the most with a 1.5% drop and metals relenting on their recent rises due to the ‘Biden bounce’, even as the dollar continued to weaken.

LME tin’s three-month price was at $21,935 per tonne, for example, shortly after 9am, a slight move sideways from its Thursday closing price of $22,000 per tonne. This comes after the metal rose as high as $22,360 per tonne on Thursday, its highest price since July 2014.  LME tin's benchmark cash-to-three month spread remains in an acute backwardation, at $505.84 per tonne this morning.  Similarly, nickel was down by 1.5% to $18,120 per tonne shortly after 9am on Friday morning.  The metal’s Thursday close was $18,395 per tonne, dipping slightly from the new year-to-date high it set that morning of $18,515 per tonne on a weaker dollar...


Ana de Liz

January 22, 2021

09:54 GMT