Skip to content

Goldman Bids for Nickel Off-Exchange About 32% Below LME Price

  • Bank is offering bilateral deals as exchange remains frozen
  • Proposal gives insight into traders’ view of fair nickel price
Video player cover image
Goldman Sachs Bids for Nickel Off-Exchange

Goldman Sachs Group Inc. traders have been offering to trade nickel away from the London Metal Exchange, according to people familiar with the matter, at prices that imply a further sharp drop in prices.

The bank has been offering to trade contracts in commodity index products, such as the S&P GSCI, whose constituents include nickel, the people said, implying a bid and offer for the nickel price. The bank’s proposals imply a bid for nickel at about $25,000 a ton, and an offer about $37,000 a ton, the people said, asking not to be named as the matter isn’t public.