LIVE FUTURES REPORT 16/03: LME copper price continues freefall amid high turnover; settles at 3.5yr low below $5,300/t

The three-month copper price on the London Metal Exchange continued its descent at the close of trading on Monday March 16, settling at its lowest level since November 2016 after breaching key support levels throughout the day.

The rest of the base metals complex similarly depreciated over the day’s trading. Copper’s outright price on the LME closed at $5,290.50 per tonne on Monday afternoon, losing more than 3.5% of its underlying price and tumbling from an intraday high of $5,436.50 per tonne. Turnover in the red metal was especially high, with many investors reducing exposure to risk assets including commodities, with some 29,200 lots of copper exchanged over the day. LME copper has averaged more than 29,000 lots per day since March 12. Meanwhile, open interest in LME copper increased by more than 8,000 positions overnight, with total open...

Published

Hassan Butt

March 16, 2020

18:05 GMT

London