Three-month copper reached its lowest point since September 21 at $6,152 per tonne before recovering some lost ground.
Since the start of September, around 71,175 tonnes of copper have been booked for removal from LME-listed warehouses, while cancelled aluminium warrants have risen 169,275 tonnes.
“There’s been a lot of sifting, and people are sitting on a lot of stock. I think a lot of people are waiting until LME Week to see where the numbers are,” an LME floor trader told Fastmarkets.
The three-month zinc price climbed 1.6% against a backdrop of falling LME inventory and tightness in nearby spreads.
Since the start of September, more than 50,000 tonnes of zinc have been booked for removal from LME-listed warehouses in Antwerp and New Orleans, while the metal’s cash/three-month spread is now in a backwardation of $43.50 per tonne, out...