The three-month copper price is down by 1% and trading around $6,400 per tonne after reaching levels above $6,500 per tonne last week. Volumes traded in the metal were high so far this morning, with its 7,472 lots topping the complex.
Despite copper’s total on-warrant LME stock ticking higher amid the rewarranting of around 5,000 tonnes of metal since last Friday, its current levels remain at their lowest since 2005, with just 26,825 deliverable tonnes.
Tightness in copper’s forward spreads could attract more metal back onto the exchange however, with its cash/three-month spread recently seen in a backwardation of $47 per tonne.
Elsewhere, aluminium’s three-month price fell by 1.5% over the morning, dipping below its nearby $1,900 per tonne support level, while both zinc and lead futures consolidated lower amid decade-lows in LME stock.
Tin futures were similarly lower over the morning, but remain well supported above $21,500 per tonne...