LIVE FUTURES REPORT 18/05: LME copper price tops complex in 1.9% rally; 17.5kt zinc freshly canceled at Vlissingen

The LME three-month copper price was higher in morning trading on Monday May 18, steadily approaching $5,300 per tonne amid steady turnover, while a 17,500-tonne fresh cancelation in LME zinc bolstered that metal’s underlying price.

Copper’s outright price on the London Metal Exchange was recently seen at $5,280.50 per tonne, up from Friday’s closing price of $5,181.50 per tonne, while turnover was strong, with more than 6,000 lots exchanged as of 9:45am London time. Supporting the base metals complex, the continued easing of Covid-19 lockdown measures across Europe has given investors greater scope for business, with many analysts predicting that the economic recovery in Europe could come quicker than expected.   For LME copper, buying incentive remains supported by wide forward spreads, with the metal’s benchmark cash/three-month spread recently trading in a $24.98-per-tonne contango. Additionally, the removal...

Published

Hassan Butt

May 18, 2020

10:48 GMT

London