Base metals prices on the London Metal Exchange were all higher during morning trading on Friday November 2 after the largest single-day inflow in LME copper stocks since February 2004.
The three-month copper price climbed more than 1.5% to above $6,200 per tonne after around 47,700 tonnes of the metal were delivered to LME-listed warehouses, predominantly in Asian locations, with Korean warehouses receiving the bulk of the material.Total deliverable LME copper stocks now exceed those of the CME at 156,590 tonnes and the SHFE at 147,542 tonnes. Elsewhere, the three-month nickel price pushed back above $12,000 per tonne after trading below this mark since October 25.The 2.4% increase in the price, which has assuaged market concerns about the previous downward trend,...