LME nickel exceeds $21,000/t amid strengthening base metal futures

Base metal futures on the London Metal Exchange increased across the board at the 9am open on Thursday November 25, continuing weeklong rebounds in many prices off the back of positive economic data.

“Dip buying/bargain hunting are having a positive effect on base metals prices and recent, robust economic data seems to be the driving force,” Fastmarkets head of base metal and battery research William Adams said.
The three-month aluminium price was the best performer on Thursday morning, rising 1.1% to $2,735 per tonne from Wednesday’s 5pm close of $2,704 per tonne.
Aluminium stock levels remain low; on-warrant metal is currently sitting at 573,950 tonnes, its lowest since 2005.

“The uncertainty over energy supply in...

Published

Callum Perry

November 25, 2021

10:09 GMT

London