LIVE FUTURES REPORT 23/01: Macro risk-off sentiment sinks LME copper price below $6,000/t; tin down 2.5%

LME three-month copper fell to its lowest price since December 5 on Thursday January 23, dipping below the $6,000-per-tonne support level at the close amid strong turnover, while tin led the complex in terms of losses.

Copper’s outright price on the London Metal Exchange closed at $5,987 per tonne this afternoon, falling from an intraday high of $6,116 per tonne, while turnover was at its highest level since December 9, with more than 19,700 lots exchanged over the day.  Prompting the decline, this week's fresh inflow of more than 70,000 tonnes of grade A cathode into LME-registered warehouses across Asia and Europe sent copper’s LME price tumbling by more than 2%. Total LME on-warrant stocks now sit at 162,875 tonnes, up from just 43,700 tonnes at the start of December.  Mounting concern over the coronavirus outbreak in China also dampened investor sentiment over the day, with global stock markets weakening and metals...

Published

Hassan Butt

January 23, 2020

18:33 GMT

London