The London Metal Exchange three-month copper price fell by 0.6% at the close of trading on Tuesday October 8 to $5,682 per tonne compared with $5,722 per tonne the previous day despite a doubling of lots traded from this morning, with just shy of 16,500 lots having changed hands by the afternoon kerb.
The red metal's LME three-month price has ignored a 4,800 tonne outflow from LME-approved warehouses today versus just 2,550 tonnes incoming at the same time and dipped below the $5,700-tonne resistance level despite having traded higher in the morning session. The fall in price may come in reaction to news that Chilean copper producer Codelco plans to offer a slice of its 2020 copper output, estimated at 48,000-60,000 tonnes of electro-refined copper cathodes, to traders in a tender. The material is sought-after financing collateral...