LIVE FUTURES 15/10: LME still bullish, with 92% of copper booked for removal, new 2021 high for aluminium

Copper's benchmark London Metal Exchange spreads moved into steep backwardations on the back of further stock removals on Friday October 15, with bullish sentiment extending across the base metals complex.

Aluminium set a new year-to-date high in early trading and other metals stayed around recently achieved peaks. 
There was a 33,000-tonne cancellation of copper from LME stocks on Friday morning, with the total booked for removal increasing by 37% since Monday to 167,250 tonnes. As of Friday, 92% of all available copper in LME warehouses had been cancelled. 
Just 14,150 tonnes remain on-warrant, with over half of the total sitting in Rotterdam. 

The drawdown in stocks, together with mounting concerns over...

Published

Ana de Liz

October 15, 2021

09:00 GMT