LIVE FUTURES REPORT 12/07: Nickel down $500 as complex falls on Covid-19 concerns

A combination of concerns over the spread of the delta variant of Covid-19, a sturdy dollar index and falling US equities triggered a sell-off in London Metal Exchange prices during the afternoon’s trade on Monday July 19.

Nickel’s three-month price showed the biggest drop of the day, down by 3.2% at the close to $18,462 per tonne, from Friday’s $19,070 per tonne price at the same time. “Nickel prices were above $19,000 [per tonne] today. Now, because of the equity markets selling off, they are lower, but they will move up again because of the Indonesian [Covid-19] situation,” one trader said. The metal’s price had reached a five-month high of $19,205 per tonne on Friday, boosted by a number of supply concerns and falling inventories on the LME, but faltered throughout the day on Monday. Copper’s three month price was down...

Published

Ana de Liz

July 19, 2021

17:20 GMT

London