LIVE FUTURES REPORT 22/03: LME copper price dips 1.7% amid poor PMI data

Copper’s three-month price on the London Metal Exchange was lower at the close of trading on Friday March 22, ending the week down more than 3% and closing just above $6,300 per tonne.

Meanwhile, a host of weaker-than-expected PMI data releases also softened price sentiment over the afternoon. The red metal’s total volumes traded over the day were high, leading the complex at 25,647 lots changing hands by the close, the most since December 2018. While total LME stock remained close to record-lows, last week’s delivery of more than 70,000 tonnes of material into LME-registered warehouses could also be a contributing factor in the metal’s price slide, while traders in the physical market continued to report steady demand. “Given the macro positivity stemming from the dovish stance [of the US Federal Reserve...

Published

Hassan Butt

March 22, 2019

18:21 GMT

London