Base metals prices on the London Metal Exchange were universally higher during morning trading on Thursday January 4, with copper and nickel climbing more than 1%.
After pausing to consolidate December's gains, the three-month copper price has gained more over $100 per tonne. Copper closed 2017 up 30% and is well placed to move higher this year."Most metals prices are making moderate gains this morning. Copper has [found] support from a report claiming that China has drastically reduced the 2018 import quotas for copper scrap for environmental reasons," Commerzbank noted."Net longs in copper are now back at their highest level in almost four months, and in aluminium are at their highest level in nearly three months," it added. Aluminium prices climbed $16 this morning and remain firmly above $2,240...