LIVE FUTURES 27/07: Nickel reverses earlier gains, most LME metals down 1%-plus

All base metals prices on the London Metal Exchange fell on Tuesday July 27 at the close of trading, after an exuberant afternoon on Monday, with nickel’s price most badly affected and down by 1.8%.

Nickel’s price fell to $19,357 per tonne at 5pm on Tuesday, after closing at $19,717 per tonne on Monday. This was its highest 5pm price since February, and close to its year-to-date high of $20,110 per tonne.

Despite the metal’s lower close on Tuesday, its fundamental backdrop remained supportive, given the potential supply disruptions around the world from Canada to Indonesia, the rapid spread of the Covid-19 delta variant in the southeast Asian nation, and the robust global demand from the stainless steel and electric vehicle (EV) sectors.
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Published

Ana de Liz

July 27, 2021

16:45 GMT

London