LIVE FUTURES REPORT 13/01: LME copper nears $6,300/t in 1.3% uptick; outflows fail to bolster Al

The three-month copper price on the London Metal Exchange was higher at the close of trading on Monday January 13, settling at a nine-month high against moderate volumes traded, while aluminium futures stagnated despite tumbling exchange stocks.

Copper’s underlying price on the LME closed at $6,290 per tonne on Monday afternoon, its highest settlement price since April 2019, while its daily trading volumes led the complex at just under 14,900 lots exchanged.  LME copper stocks now sit at 130,000 tonnes, down from 208,525 tonnes at the start of December, pushing prices higher while on-warrant material is now at 98,625 tonnes, down from 120,000 tonnes. Open interest in copper has climbed by more than 6,000 positions in January, accelerating past nearby thresholds at a total of 406,845 open...


Hassan Butt

January 13, 2020

17:45 GMT