An easing of the trade tensions between the United States and China fueled the price rallies, with the three-month copper price topping the gains and reaching an intraday high of $6,304.50 per tonne – its highest price since October 22.
Despite this, copper’s LME inventory was subject to its largest inflow since 1989 during Friday morning when more than 44,000 tonnes was heard delivered into LME-listed warehouses , mostly in Asian locations.
“The return of a positive macro backdrop could offer some support to copper prices in the immediate term,” Fastmarkets analyst Boris Mikanikrezai said in his Copper Today report.
“Over the longer term, we continue hold that the tight fundamentals of the copper market should lead to a stronger price environment. The current price weakness is...