LIVE FUTURES REPORT 18/03: LME copper sheds 4.7%; further capped by 15kt fresh inflow[UPDATED]

The London Metal Exchange three-month copper price was trading down 4.7% during the morning session on Wednesday March 18, with a second day of inflows into LME-approved global warehouses continuing to heap pressure on prices.

Some 15,000 tonnes of copper was put back into global sheds as of 9am this morning - 8,800 tonnes of which arrived into Rotterdam while the remaining 6,200 tonnes was split between Asian sheds. Just 2,175 tonnes of material was outgoing at the same time. A considerable 42,900 tonnes was delivered onto the LME yesterday and copper futures have reacted accordingly to trade this morning at around $4,902 per tonne - well below the psychological level of $5,000 per tonne and down from yesterday’s $5,144 per tonne close. The LME three-month nickel price shed a lesser 1.3% to trade at around...

Published

Amy Hinton

March 18, 2020

11:51 GMT

London