Three-month base metals prices on the London Metal Exchange were largely higher during morning trading on Friday November 6, spurred by a continued decline in the US dollar index, while copper futures steadily appreciated to push past the $6,900-per-tonne resistance level amid persistent outflows.
The three-month copper price was recently trading at $6,919 per tonne, its highest level since October 22 and up by 0.9% from Thursday's closing price of $6,852.50 per tonne. Trading volumes were moderate at just over 3,500 lots exchanged as of 10:10am London time. Buying momentum in LME copper was supported by a continued contango in the metal's benchmark cash/three-month spread, which was recently trading in a $9.75 per tonne contango. In addition, 1,600 tonnes of copper cathode were removed from LME-registered warehouses in New Orleans and Rotterdam this...