Trading was at its highest level since July 2018, and only a month earlier copper’s three-month price had reached levels in excess of $7,000 per tonne. The red metal’s traded volumes topped the complex over the afternoon, closing at 21,478 lots.
Additionally, the International Copper Study Group (ICSG) estimated that the refined copper market showed a deficit of 395,000 tonnes in the first 11 months of 2018, which included a deficit of 52,000 tonnes in November alone.
“The LME three-month copper price finally broke above its key resistance at the 200-day moving average this week, after breaking below it in June last year and triggering a sharp consolidation in the second half of 2018,” Fastmarkets analyst Boris Mikanikrezai said in his Copper Today report.
“This could suggest that the rebound will continue in the coming months, which is a meaningful bullish...