LIVE FUTURES REPORT 21/01: LME copper slides 1.7% after 40kt fresh inflow; nickel follows down

The three-month copper price on the London Metal Exchange fell over 1.5% during morning trading on Tuesday January 21, declining below nearby support at the $6,200-per-tonne level, while nickel futures similarly weakened.

Copper’s outright price on the LME was recently at $6,152 per tonne, a 1.7% drop since yesterday's close and more than $100 per tonne against high turnover.  A fresh inflow of just over 40,000 tonnes into LME-registered warehouses in Rotterdam pushed the stockpile to almost double in size, which prompted the price decline Total on-warrant stocks in the region now sit at 77,750 tonnes, up from 37,225 tonnes on Monday, while the delivery casts further uncertainty over market expectations of an uptick in restocking activity to end the month.  The Rotterdam stockpile has long been the LME’s largest inventory of copper across...

Published

Hassan Butt

January 21, 2020

10:18 GMT

London