Copper's three-month price on the London Metal Exchange depreciated at the close of trading on Friday April 5, falling by just under 2% over the week and dipping below $6,400 per tonne during the afternoon session amid low volumes and a surging US dollar index.
Similarly, Thursday's delivery of more than 30,000 tonnes into LME-listed warehouses across Europe and Asia helped boost copper's dwindling LME stock count, which reached its lowest level since 2005 last month at just 21,600 tonnes on-warrant.Correspondingly, low stocks resulted in an uptick in dominant warrant holding positions across the LME bandings, with today's report showing the persistence of three dominant positions at 50-79% of warrant holdings, tomorrow/next and cash positions, while copper's cash/three-month spread is now in a contango of $15.75 per tonne. "The recent copper price rise above $6,500 per tonne was driven partly by speculation," Commerzbank Research analyst Daniel Briesemann...