On Friday, the 24th of May 2019, ahead of a long Weekend on US market, nickel spiked to a two-week high and other industrial-grade metals had gained over hopes of a positive resolution of US-China trade conflict alongside a much-softer American dollar.
Addressing to a pause on Dollar strength, a head of commodity strategy at Saxo Bank in Copenhagen, Ole Hansen said, “With the stock markets popping up a tad this morning and also the dollar strength pausing, that’s giving the market an excuse to cover some shorts ahead of the weekend, which is a long weekend in the UK and US.
But we are by no means out of the woods yet, if anything, it may just be the market pausing before we hit the next headline”. Friday’s (May 24th) market had witnessed an unconventional rally of nickel on London Metal Exchange, where Nickel price surged more than $500 in about 10 minutes on early morning trading hours, while traders were quoted saying that a mass-attempt of Chinese investors to cover their short position had been led to the rally.
Meanwhile, almost all of the industrial metals had gained on Friday (May 24th) market wind-up, as Nickel posted a surge of 4 percent to $12,370 per ton and copper added 0.5 percent to settle at $5,955 per ton despite disrupted supply chains all over the world.
Besides, the LME Tin with three months contracts, jumped to $320 per ton, and Zinc surged 1.6 percent to $2,560 a ton, while aluminum added a slight gain of 0.1 percent to $1,800 per ton in context of a strong aluminum output expectation throughout the year, analysts suggested.