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...