LIVE FUTURES REPORT 20/12: LME base metals capped by stronger US dollar

Base metals prices on the London Metal Exchange were capped by a stronger US dollar, which traded up 0.03% at 97.43 during the morning session on Friday December 20, having absorbed any residual optimism from China’s liquidity boost on Thursday.

“Selling pressure has remained somewhat subdued this month,” Fastmarkets research analyst Andy Farida said. The LME three-month copper price dipped below $6,200 per tonne once more to trade around $6,186.50 per tonne this morning, with an 8,325-tonne fresh cancelation failing to offer any price support. A 3,050-tonne outflow and 8,325-tonne cancelation were also not supportive of copper futures. LME global copper inventory is now at 154,450 tonnes while on-warrant stocks are 110,350 tonnes. Copper volumes were unremarkable with 4,450 lots changing hands by 9.30am today, though this topped...


Amy Hinton

December 20, 2019

10:39 GMT