LIVE FUTURES REPORT 30/09: LME copper price breaches $6,600/t despite 30kt fresh inflow

London Metal Exchange three-month base metals prices, with the exception of copper and tin, were trading down on the previous day’s close on Wednesday September 30, with encouraging Chinese manufacturing data eclipsed by a stronger dollar and continued uncertainty regarding US economic fiscal stimulus.

Chinese Caixin Manufacturing purchase managers’ index (PMI) data remained in expansionary territory year on year in September, down just one percentage point at 53. But the dollar index was trading up 0.16% at 94 during the morning session, having dipped below that level the previous day, effectively capping LME futures prices. Talks on the United States’ fiscal relief strategy to fight the fallout of Covid-19 are set to resume today, with the market poised to act if and when the region’s proposed $2.4 trillion relief plan is implemented. The LME three-month copper price bucked the trend, trading up a marginal $9.50...


Amy Hinton

September 30, 2020

09:13 GMT