The three-month copper price on the London Metal Exchange was higher across morning trading on the first working day of the year on Thursday January 2, breaching nearby resistance amid high trading volumes, with zinc futures following higher.
Copper's outright price on the LME was recently at $6,210 per tonne, climbing by around 0.6% from Tuesday's closing price of $6,174 per tonne, while turnover was high at more than 5,300 lots exchanged as of 9:30am London time. Supporting higher price action, LME copper stocks continue to decline. On-warrant material has dipped below 100,000 tonnes for the first time since May 2019 to 99,900 tonnes. Forward spreads in LME copper continue to support near-term business, with the metal's benchmark cash/three-month spread recently in a $24.50 per...