Three-month base metals prices on the London Metal Exchange consolidated lower in the morning of Tuesday July 7, following low-volume trading over the Asia hours, while copper's forward spreads eased despite net outflows.
Copper's outright price on the LME was recently at $6,093.50 per tonne on Tuesday morning, falling from a morning high of $6,172.50 per tonne, while turnover was low at just over 5,100 lots exchanged as of 10am London time. The inflow of 2,700 tonnes of copper cathodes into LME-registered warehouses this morning was offset by 4,725 tonnes removed from locations in Busan, Kaohsiung and Rotterdam, while a further 5,000 tonnes was freshly canceled in Rotterdam. This takes total LME on-warrant copper...