LIVE FUTURES REPORT 26/11: LME copper price breaches $5,900 per tonne in 1% uptick; zinc struggles despite 1.2% rise

The three-month copper price on the London Metal Exchange moved higher at the close of trading on Tuesday November 26, breaching nearby resistance against modest turnover, while zinc futures failed to test the $2,300-per-tonne resistance level despite a 1.2% afternoon surge.

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...


Hassan Butt

November 26, 2019

18:59 GMT