LIVE FUTURES REPORT 19/02: LME copper nears $9,000/t, new highs for tin, copper and lead

The LME copper price was close to $9,000 per tonne for the first time since September 2011 on Friday February 19, on a day when bullishness took hold of the base metals complex, with tin’s price also rising significantly - by nearly $1,300.


The red metal’s three-month price rallied to $8,995 per tonne during trading, before pulling pack slightly to $8,900 per tonne at the 5pm close. 
The rise to a near-10-year high marked a 4% increase from Thursday’s closing price of $8,553 per tonne, and represents a weekly gain of 6%. There were more than 38,000 lots of copper traded on the LME on Friday, the highest daily volume since July 2020.  

The surge in copper was partially fueled by low LME inventories (and despite a 43.5% rise in SHFE inventories) with the available 46,450 tonnes of copper in LME warehouses marking its lowest level in six months. The rise was also supported by...

Published

Ana de Liz

February 19, 2021

18:03 GMT

London