The three-month copper price on the London Metal Exchange rose by 2% during morning trading on Tuesday February 4, with price action supported by increased liquidity, while nickel futures topped gains and breached nearby resistance.
Copper's outright price on the LME was recently at $5,674 per tonne compared with Monday's closing price of $5,525 per tonne. Turnover was significantly high, with 15,600 lots exchanged as of 9:30am London time. Both holders and buyers of LME copper futures are benefiting from a strong and consistent contango across the metal's forward curve. Copper's benchmark cash/three-month spread was recently in a $21 per tonne contango. Macroeconomic factors supporting the complex is better-than-expected PMI data on Monday from both China and the...