LIVE FUTURES REPORT 24/02: Nickel up 1.8%, aluminium above $2,180, bulls still in charge

Bullish sentiment returned to the London Metal Exchange during afternoon trading on Wednesday February 24, with nickel up by 1.8%, aluminium setting a new 2021 high, and most metals closing higher than on Tuesday following a limited period of selling and consolidation after new 2021 highs.

Nickel’s three-month price showed the biggest rise on Wednesday at 5pm, to $19,709 per tonne, after closing below $19,500 per tonne for the past two days. The metal reached $20,110 per tonne on Monday, but could not hold on to that level at the 5pm close then or on Tuesday. On Wednesday, it was pushed higher by the news that Norilsk Nickel – the world’s largest producer of high-grade nickel – has suspended operations in two of its mines due to increased water inflow. Nickel’s benchmark cash-to-three month price spread widened to a $60 per tonne contango at...

Published

Ana de Liz

February 24, 2021

18:15 GMT

London