LIVE FUTURES REPORT 12/08: LME copper price breaches $6,400 in high-volume trading; zinc struggles

The three-month price of copper on the London Metal Exchange was higher at the close of trading on Wednesday August 12, with high turnover during the day prompting a push beyond key resistance levels, while a morning inflow of 15,225 tonnes of zinc saw selling pressure continue into the close.

Copper’s outright price closed at $6,432.50 per tonne on Wednesday afternoon, up from an intraday low of $6,268.50 per tonne, while volumes were high at more than 20,500 lots exchanged over the day – close to double Tuesday’s turnover.
Supporting the higher LME copper price, exchange stocks continued to decline from levels seen earlier this year. Total on-warrant LME copper stocks now stood at 50,775 tonnes, down from 110,725 tonnes.

Despite copper’s afternoon uptick, the red metal’s forward curve remained volatile. LME copper’s benchmark cash/three-month spread flipped into a $2 per...


Hassan Butt

August 12, 2020

17:50 GMT