LIVE FUTURES REPORT 17/02: LME copper price pushes above $5,800/t after fresh cancelation; nickel supported

The three-month copper price on the London Metal Exchange was higher during morning trading on Monday February 17, climbing above nearby resistance against high turnover, while nickel held above $13,000 per tonne.

Copper’s underlying price on the LME was recently seen at $5,810 per tonne, up from Friday’s closing price of $5,760 per tonne. Turnover was high at just over 6,500 lots exchanged by 9am London time.  Price action in the red metal was supported over the morning by the fresh cancelation of some 10,000 tonnes out of LME-registered warehouses in Rotterdam.  This comes after some 40,000 tonnes of grade-A copper cathodes were unexpectedly delivered into the same location last month. Despite stock volatility, forward spreads in LME copper continue to trade in...


Hassan Butt

February 17, 2020

10:57 GMT