LIVE FUTURES REPORT 04/03: LME selloff continues; copper down 2%, nickel down $1,200

Copper’s price dipped to $8,907.50 per tonne while nickel sank by 7.4% at the 5pm close of trading on the London Metal Exchange on Thursday March 4, with sell-offs and corrections seen for a second day.

Prices for other materials in the base-metals complex fell by an average of 1.9%.
“Base metals have backed off from their recent highs over the past week, with the market experiencing some very violent moves. There was always a risk of a strong selloff for the complex, having climbed so rapidly throughout the previous weeks,” Neil Welsh, metals broker at Britannia Global Markets, said.

“The selloff appears to be largely driven by closing of speculative longs, taking profits against a background of a stronger dollar and weaker stock...


Ana de Liz

March 04, 2021

18:02 GMT