Base metals prices on the London Metal Exchange continued their uptrend at the close of trading on Friday January 4, buoyed by strong gains in the US stock indices while depleting LME stocks keep prices elevated.
Copper's three-month price was the best performer over the afternoon, gaining more than 3% and reaching an intraday high of $5,933 per tonne. The metal's three-month price has been trading below $6,000 per tonne since December 20, while a combined volume count of 74,211 lots traded in three days is the most since August 14-16.Meanwhile, nickel's three-month price closed comfortably above $11,100 per tonne to reach its highest price since December 5, while the metal's futures price has appreciated over 5% from reaching its lowest level since December 2017 on January 2 at $10,530 per tonne. "Markets seem vulnerable to short-covering now, with the whole macro picture looking slightly rosier. China has cut its reserve ratio, with the aim of stimulating its economy, and...