Prices on the London Metal Exchange were broadly stable from their Monday levels on Tuesday morning, October 5, with cancellations of copper warrants in Europe continuing for a third day in a row.
Some 10,000 tonnes of the red metal were booked for removal from Hamburg warehouses, after the same amount was cancelled in Rotterdam on Monday and a further 10,000 tonnes were also cancelled in Hamburg on Friday October 1.On-warrant copper stocks on the LME have dropped 34% in the past month to 100,250 tonnes on Tuesday. The cash/three-month spread remains backwardated, last seen at $10 per tonne, while the...