LIVE FUTURES REPORT 11/08: LME copper price holds below $6,400/t; C/3M spread flips to contango

The three-month copper price on the London Metal Exchange was slightly lower during morning trading on Tuesday August 11, after failing to close above the psychological level of $6,400 per tonne on Monday, while the forward curve has tightened over the day.

Copper’s outright price on the LME was recently trading at $6,371.50 per tonne, 0.4% lower than Monday’s closing price of $6,396.50 per tonne. Trading volume was moderate at just over 5,000 lots exchanged at 10:20am London time. Yet despite improved production prospects from Chile, the world’s largest copper producer, LME copper stocks continue to dip, with price action largely detached from stock movements. Total on-warrant LME copper stocks now stand at just 49,375 tonnes, with the bulk of material now held across LME-registered warehouses in Bilbao and New...

Published

Hassan Butt

August 11, 2020

11:00 GMT

London