News and Events

The threemonth copper price on the London Metal Exchange was higher at the close of trading on Monday December 9, holding firmly above the $6,000 per tonne support level while turnover topped the base metals complex. The red metal’s outright price closed at $6,075 per tonne this afternoon, its highest close since May while volumes traded topped 20,000 lots exchanged by the close. Copper’s forward spreads held in a contango over the day’s trading, supporting buying momentum, with the metal’s benchmark cash/threemonth spread recently trading in a $28.25 per tonne contango. Meanwhile, this morning’s fresh outflow of some 2,975 tonnes out of LAMEregistered warehouses in Europe, Asia and North America further boosted price action, with copper’s outright price keeping above the $6,000 per tonne support