LIVE FUTURES REPORT 23/01: LME copper price drops 2%; nickel only base metal in positive territory

The three-month copper price on the London Metal Exchange plummeted over 2% at the close on Tuesday January 23 after on-warrant stocks hit their highest since October 20, 2017.

Copper prices hit their 2018 low at $6,914.50 earlier today following the delivery of 40,000 tonnes of copper into LME warehouses, with the majority of the stock into Busan while 8,100 tonnes was re-warranted across Asian locations. “Copper has broken back below the $7,000 per tonne mark. The news that triggered the copper selloff has been surge in LME stocks, perhaps reinforcing the belief that the cathode market is well supplied,” Ed Meir, INTL FCStone analyst, said. Most of the complex dipped lower but remained consolidating at current levels. Zinc and lead prices held on to their gains, falling just $2 and $10 per tonne respectively. Both metals are still trading around their 2018 highs. “LME lead is...

Published

Alice Mason

January 23, 2018

17:38 GMT

London