LIVE FUTURES REPORT 29/03: LME base metals prices edge higher on trade optimism; Cu climbs 1%

Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Friday March 29, bolstered by positive sentiment emerging out of recent US-China trade talks and gains in copper futures amid strong volumes.

Price action in the red metal returned to levels above $6,400 per tonne over the morning, with more than 4,700 lots changing hands by 9:20am London time.  Total on-warrant LME copper material is now at 141,950 tonnes, up by more than 84% after reaching their lowest level since 2005 at just 21,600 tonnes on-warrant on February 28. Meanwhile, tightness in the metal’s nearby cash/three-month has eased and is now in a backwardation of $5 per tonne.  “We are in the unusual position of having the month and the quarter end...

Published

Hassan Butt

March 29, 2019

10:33 GMT

London