LIVE FUTURES REPORT 15/07: LME copper price falls 1.6% at close; zinc improves

The three-month copper price on the London Metal Exchange was lower at the close of trading on Wednesday July 15, despite a loosening of the metal’s forward curve, while zinc futures led the base-metals complex to close just above nearby support levels.

Copper’s outright price on the LME closed at $6,386 per tonne on Wednesday afternoon, falling from an intraday high of $6,550 per tonne, while turnover was moderately high at just over 20,000 lots exchanged by the close. Downward price movements in LME copper came despite positive manufacturing data out of the United States in the afternoon, with the June-July industrial production level climbing by 5.4% month on month, exceeding the expected level of 4.5%. Yet the country’s continued efforts to control the Covid-19 pandemic continued to hamper the markets, with broad volatility prompting continued risk-aversion. The US Centers for Disease...

Published

Hassan Butt

July 15, 2020

18:43 GMT

London