Base metals prices edged higher in Tuesday’s official trading on the London Metal Exchange as recent dips flushed out buying interest.
Three-month nickel settled at $16,010/020 per tonne compared with an opening price of $15,925 per tonne.
The contract found its high at $16,109 per tonne and traded as low as $15,925 per tonne.
Nickel stocks in LME-bonded warehouses rose 420 tonnes to 130,548 tonnes.
“Specifically on nickel there is buying interest at around $15,750-17,850. We’ve seen customers happy to buy material at that level,” a trader told Metal Bulletin.
“Most people think the floor is the $15,200 level we got to in August,” the trader added.
Three-month copper settled at an official price of $7,670/71 per tonne after starting the day at $7,661.
The red metal traded to an intraday high of $7,707.50 per tonne and dipped as low as $7,644.25 per tonne.
“Base metals have edged higher this morning as bargain hunters enter the market following two days of losses which saw copper trade to a two-month low of $7,596.
Volumes are on the light side as the market awaits the US election result,” a trader said in a note.
Copper stocks in LME-listed warehouses rose 6,075 tonnes to 247,400 tonnes.
Aluminium, basis three months, settled at $1,913/14 per tonne compared with $1,910 per tonne at the open.
The light metal traded as high as $1,919.50 per tonne and found its low at $1,908.50 per tonne.
Aluminium stocks in LME-listed warehouses rose 11,300 tonnes to 5,090,675 tonnes.