LIVE FUTURES REPORT 23/02: Nickel down 3.8% from $20,110/t high; copper firm above $9,200/t at close

Consolidation seeped into the complex on the London Metal Exchange during trading on Tuesday February 23, with copper the only one to close higher and most metals posting lower closing prices versus Monday, when all reached new 2021 highs.

Nickel’s three-month price, which reached $20,110 per tonne on Monday – the mosthighest level since May 2014 – was under selling pressure on Tuesday and fell by 3.77% to $19,352 at the 5pm close from the previous day’s multi-year high. Monday's closing price also failed to hold near the milestone, coming to $19,493 per tonne. “Without a close above the psychological price level of $20,000 per tonne [on Monday], the bullish momentum appears to have been capped. This could very well suggest that nickel has achieved a near-term top and the bullish run may have run its course,” Fastmarkets analyst...

Published

Ana de Liz

February 23, 2021

18:13 GMT

London