The London Metal Exchange three-month copper price was slightly higher at the close on Wednesday July 1, with high turnover and strong demand from Asia keeping price action firmly above nearby support levels, while lead futures lagged behind over the day.
LME copper's outright price closed at $6,061 per tonne on Wednesday, climbing from an intraday low of $5,995 per tonne, while daily turnover breached 20,000 lots for the second day in a row. The red metal's intraday high of $6,094 per tonne was the highest the commodity's three-month price has reached since January 23, while open interest is now just below 370,000 total positions, the most since March 23.Total LME on-warrant copper stocks now stand at 110,725 tonnes, down from 186,125 tonnes at the start of June and supporting higher LME copper prices with the bulk of...