LIVE FUTURES REPORT 09/12: LME copper price outperforms in 1% incline; nickel suffers, but spreads widen

The three-month copper price on the London Metal Exchange was higher at the close of trading on Monday December 9, holding firmly above the $6,000 per tonne support level while turnover topped the base metals complex.

The red metal’s outright price closed at $6,075 per tonne this afternoon, its highest close since May while volumes traded topped 20,000 lots exchanged by the close.  Copper’s forward spreads held in a contango over the day’s trading, supporting buying momentum, with the metal’s benchmark cash/three-month spread recently trading in a $28.25 per tonne contango.  Meanwhile, this morning’s fresh outflow of some 2,975 tonnes out of LAME-registered warehouses in Europe, Asia and North America further boosted price action, with copper’s outright price keeping above the $6,000 per tonne support...


Hassan Butt

December 09, 2019

18:19 GMT