Copper’s underlying price closed at $5,924 per tonne in the afternoon, climbing by slightly more than 1% and improving from an intraday low of $5,855 per tonne. Volumes exchanged for the red metal were higher than on Monday, with about 14,900 lots exchanged by the close of trading.
Buying momentum was supported in the afternoon by the red metal’s cash/three-month spread, which was trading at a $16.25-per-tonne contango, facilitating both finance and carry costs.
Yet price action in copper has failed to push...
