Copper continued its sell-off on the London Metal Exchange on Thursday May 2, with the absence of Asian markets a key factor in the downturn while strength in the US dollar caps commodity investment.
Volumes were moderately high, with more than 20,000 lots of copper changing hands by the close, indicating strong selling momentum. Open interest has fallen by 3,824 positions overnight, dipping below 400,000 positions for the first time since April 9. The three-month copper price bottomed out at $6,150 per tonne this afternoon, its lowest since February. LME on-warrant material trended higher over April - despite more than 30,000 tonnes of fresh warrant cancelations in May, the price is down more than 3%.Tightness in the metal's cash/three-month spread has eased, and has recently...