The three-month copper price on the London Metal Exchange was little moved during morning trading on Friday March 6, keeping firmly below $5,700 per tonne despite a fresh cancellation of more than 2,000 tonnes in LME-registered warehouses in Busan.
Copper's outright price was recently seen at $5,647.50 per tonne, while turnover was high at more than 8,000 lots exchanged as of 9:45am London time. Last month, copper futures spiked to just above $5,800 per tonne, but fell from more than $6,000 per tonne in late January. Open interest in LME copper has fallen significantly from more than 430,000 open positions on January 30, to 406,367 open positions now. Yet despite falling prices and liquidity conditions across LME copper in recent weeks, exchange stocks remain volatile, with some 61,175 tonnes entering LME-registered warehouses on February 26, while more than 20,000 tonnes has since...