Base metals prices on the London Metal Exchange were mostly higher during morning trading on Friday December 7, with copper topping complex gain amid a weaker dollar and resurgent trade tensions between the United States and China.
Climbing just under 2% over the morning, copper futures made an approach back toward $6,200 per tonne after a sharp sell-off on Thursday afternoon resulted in the metal's three-month price dropping to near $6,000 per tonne. Similarly, zinc's three-month price pushed back above $2,600 per tonne after dipping below the nearby support level on Thursday. Total LME stocks remain at their lowest since 2008, while the metal's cash/three-month spread continues to trade in a wide backwardation, recently at $107.25 per tonne. "LME warehouse stocks have reached a temporary plateau amid a slight increase in flows, with a further 3,100 tonnes delivered into warehouses in Rotterdam today. LME stocks total 113,125 tonnes, although this is still down from 256,175 tonnes in mid-August," Fastmarkets MB analyst James Moore...