Copper stocks on the LME have fallen more than 10% this month; the price of the metal continues to consolidate around $6,800 per tonne. Stronger demand from China, as well as disruptions in output across the United States and India are weighing on the market.
More than 17,000 lots changed hands by the 5pm close while its cash/three-month spread is in a contango of $38.50 per tonne.
Nickel’s three-month price dipped earlier this afternoon but it broke above its $14,500 per tonne resistance level on Monday to reach a high of $14,660 today.
“Nickel picked up a strong head of steam as it seems to be benefitting from bullish EV talks taking place in...