LIVE FUTURES REPORT 18/02: LME nickel price hits seven-year high; copper closes 2% higher

The London Metal Exchange three-month nickel price rose to a seven-year high during trading on Thursday February 18, with positive macroeconomic sentiment and the return of Asian trading acting as catalysts for base metals prices.

Nickel’s three-month price reached $19,205 per tonne during Thursday, the first time it had touched above $19,000 per tonne since September 2014.

It closed slightly lower at $19,148 per tonne but this still reflected a 2% increase from the previous day’s closing price and 2.8% rise on Monday, when it closed at $18,623 per tonne.

Some 10,000 lots of nickel were traded on the LME on Thursday - more than that traded on Wednesday and Tuesday combined - with the return of Chinese business after the Lunar New Year holiday visibly affecting LME volumes.


Ana de Liz

February 18, 2021

17:46 GMT