Copper futures topped the complex for total volumes traded, with 13,960 lots changing hands by the close, but continue to trend lower after trading for a little less than $6,300 per tonne last week. The metal has now lost more than 3% of its three-month price in one week.
Yet open interest in copper remains high, with more than 403,000 open positions being recorded this week for the first time since December 2018.
Meanwhile, a decade-low in LME stock levels and the emergence of a dominant warrant-holding position at around 50-79% of LME stocks and tomorrow/next positions remained supportive of prices.
“There has not been much of a trigger behind the recent weakness we are seeing in the LME group, other than the fact that prices have climbed rather noticeably on supply-related issues, without stronger demand being evident,”...