Nickel back above $20,000/t with slight pick ups for all LME prices

All London Metal Exchange futures prices were up at the end of trading on Monday November 29, with dip-buying present in the complex following a steep sell off across risk assets on Friday following the discovery of a new Covid-19 variant.

Nickel's three-month price returned above the $20,000-per-tonne key psychological level, rising by 1.2% to $20,141 per tonne from $19,897 per tonne on Friday, which had been the lower price at 5pm for the stainless steel ingredient since November 18.  The "broader market weakness was an over exaggeration [due to] the Omicron variant" and that "as of now, it remains unclear how dangerous or infectious the new variants are, but financial headlines have certainly overblown the negative impact," Fastmarkets analyst Andy Farida said...

Published

Ana de Liz

November 29, 2021

18:20 GMT

London