The three-month copper price traded on the London Metal Exchange almost closed the gap on its psychological $6,000 per tonne level, with growing supply concerns bolstering consumption and precipitating a significantly higher turnover on Tuesday November 5.
The red metal's three-month price closed 1.1% higher at $5,946.50 per tonne compared with the previous day's $5,877 per tonne close. The price hit an intraday high of $5,978 per tonne while turnover exceeded 16,000 lots. Some 3,775 tonnes of copper had left LME-approved global sheds as of 9am against just 300 tonnes incoming while a further 100 tonnes of material were freshly canceled, leaving global LME copper...