This Morning
But nickel prices bucked the trend among the major base metals, with SHFE nickel settling 1.5% higher in Shanghai today while LME 3-mo. nickel traded as high as $13,405/mt (=$6.08/lb.) this morning. In New York, COMEX copper futures slipped to around $2.90 per pound in early trading after having touched $2.9775 early last week, while NYMEX crude oil futures rebounded to over $56 per barrel. Reuters reports that “Oil prices rose on Monday, buoyed by OPEC output cuts and reports that the United States and China are inching closer to a deal on a tariff row that has slowed global economic growth.” In foreign exchange trading, the euro slipped to around $1.134 ahead of European Central Bank meetings this week while the British pound was steady at $1.320.