The three-month price of copper on the London Metal Exchange was higher at the close of trading on Monday May 4, pushing above nearby resistance levels despite the lowest daily trading volumes since April 6, while tin similarly staged a modest recovery in afternoon trading.
Copper's outright price on the LME closed at $5,123 per tonne, recovering from an intraday low of $5,060 per tonne, while just 8,700 lots were exchanged by the close.The red metal's forward curve remained in contango over the afternoon, supporting forward business and the retention of material, with copper's benchmark cash/three-month spread last trading in a $28.75 per tonne contango.And while total LME copper stocks were little moved to start the week at some 251,425 tonnes, LME data now showed two dominant...