LIVE FUTURES REPORT 17/07: LME base metals consolidate lower on thin vols; copper up despite backwardation

London Metal Exchange three-month base metals prices were mostly subdued during morning trading on Friday July 17, with a record daily surge in US coronavirus cases weakening investor sentiment, while copper futures managed a slight improvement despite thin volumes and a tight forward curve.

LME copper’s outright price was recently at $6,406 per tonne, sustaining above nearby support levels and up from a morning low of $6,387.50 per tonne.  LME copper turnover was low this morning at just over 4,000 lots as of 10am London time, while total LME open interest in copper declined overnight for the first time since July 6, falling from 397,851 total open positions to 396,049. The backwardation in the metal’s forward curve continues to deter interest, with LME copper’s benchmark cash/three-month...


Hassan Butt

July 17, 2020

11:04 GMT