The three-month copper price on the London Metal Exchange inched up 0.8% during morning trading on Monday June 1, pushing back above nearby resistance levels amid strong turnover, while a 200-tonne outflow for LME tin stocks kept its price elevated.
The copper price was recently at $5,420 per tonne, climbing from Friday's closing price of $5,376 per tonne. Daily trading volumes are strong at more than 7,000 lots exchanged as of 9:15am London time. Continual deliveries out of copper from Asia are supporting higher price action, with total LME on-warrant material falling to 186,125 tonnes, from some 220,575 tonnes on May 27. Market participants trading LME copper continue to benefit from wide forward spreads. The metal's benchmark cash/three-month spread was recently trading in a $24.25 per tonne contango. The...