LIVE FUTURES REPORT 16/07: Nickel breaches $19,000/t on LME on Covid-19 supply concerns

Nickel reached $19,205 per tonne on the morning of Friday July 16 on the London Metal Exchange, with most prices also maintaining their high levels from Thursday due to increasing worries about supply from countries with rising Covid-19 cases.

Nickel's three-month price reached its highest level since February 26 during early trading, recoiling back to $18,965 per tonne at 9am but still 1% higher than its Thursday close of $18,768 per tonne.  "Base metals seem to be reacting higher to fears of Covid-19 supply constraints, rather than anything to do with demand," Fastmarkets analyst Andy Farida said on Friday morning. "This also points to a protection play by investors, since no one wants...


Ana de Liz

July 16, 2021

08:51 GMT