Volumes traded this morning were high at 7,300 lots of copper exchanged as of 9:40am London time, more than half of Wednesday’s total trading volumes of 12,240 lots.
The copper price recently traded at $5,875 per tonne, having reached an intra-morning high of $5,898.50 per tonne. The three-month copper price is at its highest level since August 1, when it fell from above $6,000 per tonne at the end of July.
Supporting buying momentum, copper’s cash/three-month spread on the LME continues to trade in a strong contango of $33.75 per tonne.
“Risk [sentiment] reacts positively...