LIVE FUTURES REPORT 16/07: LME copper price recovers above $6,400; zinc tops complex in 0.9% uptick

The three-month copper price on the London Metal Exchange recovered at the close of trading on Thursday July 16, closing above nearby resistance at $6,400 per tonne, while a positive close for LME zinc saw it make the most gains across the base-metals complex over the afternoon.

Copper’s underlying price on the LME closed at $6,436.50 per tonne on Thursday, climbing from an intraday low of $6,305.50 per tonne, while turnover topped the complex at more than 17,500 lots exchanged by the close. Downward movement in LME copper prices came despite better-than-expected industrial data out of China in the morning, with the country’s industrial production on a year-on-year basis in line with expectations, up by 4.8%. In addition, fixed-asset investment on a year-to-date basis, compared year on year, fell by 3.1%, beating expectations of a 3.4% dip. Meanwhile, a fresh cancelation...

Published

Hassan Butt

July 16, 2020

17:20 GMT

London