Currently viewing Global edition

Base metals surge

The nickel price rose more than 5% on Friday with base metals all rising on the London Metal Exchange as China returned from Golden Week celebrations.
Base metals surge Base metals surge Base metals surge Base metals surge Base metals surge

Glencore’s Raglan nickel mine in Quebec

Staff reporter

LME Week starts today with the LME Metals Seminar, dubbed one of the biggest events in the global metals calendar.

US markets closed lower on Friday after disappointing jobs data, while the FTSE 100 closed higher.

The S&P/TSX Composite Index was flat ahead of a long weekend with Toronto markets closed today for Thanksgiving.

Gold was trading at US$1,755 an ounce on the spot market.

The lithium carbonate price has risen past its 2018 high as battery metals prices have soared amid limited supply.

Benchmark Mineral Intelligence's EXW China battery-grade lithium carbonate rose 26.5% in the second half of September to RMB 160,000 a tonne ($24,800/t), surpassing the previous high of $24,750/t reached in March 2018.

Markets will be watching this week for UK unemployment figures, China trade data and US Consumer Price Index data for September.

Among the mining majors, Glencore closed down 0.86% in London, Rio Tinto rose 0.54% and both Newmont and Freeport-McMoRan were down 0.55% in New York.