LIVE FUTURES REPORT 13/07: Production woes put LME copper above $6,500/t on high vol; C/3M holds backwardation

The London Metal Exchange three-month copper price increased during morning trading on Monday July 13, up against further supply-related concerns from Chile, while the metal’s forward curve held in backwardation amid strong buying momentum.

Morning turnover in LME copper was over 17,000 lots on Monday and continues to climb since the European market began trading, with the red metal’s outright price recently at $6,525 per tonne, up from Friday’s closing price of $6,412 per tonne.  Workers at Chilean copper producer Antofogasta Mineral’s Zaldiver copper mine in Chile voted in favor of strike action on Friday, rejecting a collective pay offer, the mine’s union said on Friday.  This...

Published

Hassan Butt

July 13, 2020

10:38 GMT

London