Three-month copper futures continue to trade around $6,500 per tonne amid the continued removal of material, with on-warrant inventory now at its lowest level since 2005.
Some participants continue to indicate a possible squeeze taking place in copper, while increased arbitrage opportunities are presenting themselves to traders across COMEX and SHFE contracts.
LME data shows the persistence of the dominant warrant holding positions, with two respective positions at 30-39% of warrant holdings and cash positions, another at 50-79% of tomorrow/next positions and a final position at 80-89% of cash positions.
Volumes traded in the red metal over the morning were moderate, leading the complex with just under 6,000 lots changing hands as of 9:48am London time.
“Consolidation is the name of the game [that is] reflected, at least in the metals space, from...