Copper’s three-month price continues to hold ground near the $6,500-per-tonne level against a backdrop of depleting LME stocks, which remain at their lowest level since 2005 with just below 30,000 tonnes on-warrant.
Reflecting this, copper’s cash/three-month spread flared to a backwardation of $44.50 per tonne earlier today, but this has since narrowed to $24 per tonne, while copper's total volumes traded on the exchange led the complex today with 18,975 lots changing hands by the close.
LME data showed persistent dominant positions in warrant holdings, with one member holding 40-49% of warrant holdings, another at 50-79% of tomorrow/next positions and a final member at 80-89% of cash positions.
“The LME copper price is stable so far this week amid marginal upward pressure across its complex. The notable progress in US-China trade negotiations last week, which resulted in a surge in Chinese risk sentiment at the start...