LIVE FUTURES REPORT 24/07: Surging US Covid-19 cases pressure LME prices; copper sinks below $6,500

Three-month base metals prices on the London Metal Exchange were mostly lower at the close of trading on Friday July 24, with a continued uptrend in the numbers of Covid-19 cases in the US prompting broad risk-off sentiment across the country’s trading hours.

Disappointing US manufacturing data added further headwinds. Copper’s outright price on the LME was the biggest loser on the day, declining by 1.5% at the close to settle at $6,415 per tonne. The red metal fell from an intraday high of $6,506.50 per tonne, but improved from a daily low of $6,366 per tonne. Turnover in LME copper topped the complex at settlement, with just over 20,000 lots exchanged by the 5pm close, the most traded since July 15. Meanwhile, a continued surge in US coronavirus cases remained the key deterrent for investors, with many continuing to reduce risk exposure amid US economic uncertainty. The US’ Center for Disease Control and...


Hassan Butt

July 24, 2020

17:44 GMT