Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Thursday February 14, with a collective trend of dwindling LME stocks failing to prompt upward price action while volumes traded remain moderate.
Nickel's three-month price was the biggest downward move over the afternoon, with its price action down 1.6% amid continued negative risk-appetite, while dollar strength above the psychological level of 97 capped gains. Continuing to trade in positive territory, the three-month copper futures are holding ground above $6,100 per tonne despite a decade-low in LME inventory, while total volumes led the complex with 15,500 lots changing hands by the close. Open interest in both copper and aluminium futures continues to climb, with copper now exhibiting 413,000 open positions and aluminium above 925,000 open positions. In addition, dominant warrant holding positions remain in effect across 50-79% of LME stock and tomorrow/next positions in copper, with one positions holding 30-39% of cash positions. Similarly, decade lows across LME inventories in...