LIVE FUTURES REPORT 07/11: LME copper price climbs 2% to breach $6,000/t; zinc follows higher

The three-month copper price on the London Metal Exchange was higher at the close of trading on Thursday November 7, breaching the $6,000 per tonne resistance level just after the 5pm close for the first time since July, while the zinc futures price climbed by over 1%.

Copper’s outright price on the LME closed at $5,975 per tonne on Thursday afternoon, spiking soon after the close to reach an intraday high of $6,006.50 per tonne. Turnover in copper was moderate at just over 16,200 lots exchanged over the day. Strong buying in the red metal came at the cost of tighter forward spreads however, with the metal’s benchmark cash/three-month spread narrowing from an $18.50 per tonne contango this morning to recently trade in a $7.50 per tonne contango. Meanwhile, upward price action was further supported by...


Hassan Butt

November 07, 2019

17:41 GMT