LIVE FUTURES 26/11: LME prices mostly lower; spreads continue in backwardation

London Metal Exchange prices were mostly lower on the morning of Tuesday October 26, with copper leading the decline with a 1.2% fall and nickel being the exception. Most nearby spreads remained in backwardation, indicating tightness in various markets.

Copper's three-month price was at $9,750 per tonne at 9am, down from Monday's 5pm price of $9,867.50 per tonne.
Following the LME's newly imposed rules, copper stocks kept declining. On Tuesday they were at a total of 155,000, although no metal has been booked for removal in the past two days.
Some 8,450 tonnes were delivered out of warehouses on Tuesday, while 3,800 tonnes also made it into LME sheds, primarily in Hamburg (3,500 tonnes).

Copper’s cash/three-month spread closed...


Ana de Liz

October 26, 2021

10:14 GMT