The three-month copper price on the London Metal Exchange was lower during morning trading on Tuesday October 1, falling below nearby support levels amid high turnover.
Recently trading at around $5,653 per tonne, copper's outright price was down by around 1.2% from Monday's closing price of $5,725 per tonne. Volumes traded in copper over the morning were moderately high, with some 4,700 lots exchanged as of 8:50am London time. Despite selling momentum over the morning forward spreads in copper continue to support spot business, with the metal's benchmark cash/three-month spread recently trading in a $29.75 per tonne contango. In...