Copper’s three-month price fell to an intraday low of $6,109 per tonne this morning, with total volumes in the metal topping the complex at 4,751 lots traded by 9:41am London time.
Since surging to its highest level since October 2018 at just under $6,300 per tonne last Monday, copper’s price action has dipped around 3% despite continued stock outflows and fresh cancelations. Open interest in the red mental remains firm however, with more than 403,000 open positions.
Similarly, total nickel stocks are at their lowest since 2014, and are now below the 200,000 tonne level. The metal’s three-month price has fallen by more than 7% since reaching a five-month high of $13,350 per tonne last week.
According to LME data, dominant warrant holding positions have emerged across 40-49% of LME stock, tom/next and cash positions.