LIVE FUTURES REPORT 07/12: LME base metals prices appreciate on weaker dollar, trade jitters; copper climbs 1.7%

Base metals prices on the London Metal Exchange were mostly higher during morning trading on Friday December 7, with copper topping complex gain amid a weaker dollar and resurgent trade tensions between the United States and China.

Climbing just under 2% over the morning, copper futures made an approach back toward $6,200 per tonne after a sharp sell-off on Thursday afternoon resulted in the metal’s three-month price dropping to near $6,000 per tonne.  Similarly, zinc’s three-month price pushed back above $2,600 per tonne after dipping below the nearby support level on Thursday. Total LME stocks remain at their lowest since 2008, while the metal’s cash/three-month spread continues to trade in a wide backwardation, recently at $107.25 per tonne.  “LME warehouse stocks have reached a temporary plateau amid a slight increase in flows, with a further 3,100 tonnes delivered into warehouses in Rotterdam today. LME stocks total 113,125 tonnes, although this is still down from 256,175 tonnes in mid-August,” Fastmarkets MB analyst James Moore...


Hassan Butt

December 07, 2018

11:42 GMT