LIVE FUTURES REPORT 29/06: LME copper price holds below $6,000/t despite cancelations

The three-month copper price on the London Metal Exchange consolidated higher during morning trading on Monday June 29, although it remained firmly below the $6,000 per tonne threshold.

Copper’s outright price on the LME was recently at $5,956.50 per tonne, up from a morning low of $5,924 per tonne, but firmly below the $6,000 per tonne threshold, despite spiking above the resistance level on Friday. Turnover was moderate over the morning, with some 7,000 lots of copper exchanged as of 9:55am London time. Stock drawdowns and fresh cancelations continue for copper, with an outflow of 4,675 tonnes this morning predominantly booked out of registered warehouses in Busan, while a further 5,000 tonnes was freshly canceled in Rotterdam. This takes total LME on-warrant...


Hassan Butt

June 29, 2020

10:35 GMT