Copper prices on the London Metal Exchange continued to rally during morning trading on Wednesday June 6, climbing 0.6% overnight to reach levels not seen since February.
The red metal began the week within the $6,800-6,900 per tonne range, continuing to consolidate after short-term pressure surrounding United States-China trade relations resulted in price stagnancy. Supply concerns surrounding possible strikes at Chile's Escondida mine, in addition to the closure of Sterlite's Tuticorin mine in India, are the main factors pushing copper prices higher this week. "Copper is trading at a three-month high of over $7,100 per tonne this morning. Among other things, a significant brightening of the technical picture is lending support to the price increase," Commerzbank Research noted. "It appears that technical follow-up buying ensued when the price exceeded the 200-...