LIVE FUTURES REPORT 25/11: Risk-off sentiment sees LME copper stay below $5,900; lead tops losses

The three-month copper price on the London Metal Exchange was marginally higher at the close of trading on Monday November 25, but prices failed to breach nearby resistance on moderately low turnover, while lead futures made the biggest losses over the day.

Copper’s outright price closed at $5,868 per tonne in the afternoon, despite reaching an intraday high of $5,917 per tonne, while turnover was moderate at 11,606 lots exchanged by the close. A fresh cancelation of 36,975 tonnes pushed prices slightly higher in the morning, the bulk of these being out of LME-registered warehouses in Rotterdam, raising the metal’s price above the $5,900 per tonne threshold. Also supporting buying activity, copper’s forward spreads remained positive, with the red metal’s benchmark cash/three-month spread recently seen...

Published

Hassan Butt

November 25, 2019

20:28 GMT

London