Base metals on the London Metal Exchange were higher across the board during morning trading on Wednesday January 9, following positive sentiment in Asian markets while US-China trade talks and a continued softening of the US dollar index support upward price action.
Copper's three-month price was the best performer over the morning session, climbing 1.3% and reaching an intraday high of $6,007.50 per tonne while total volumes traded on the exchange top the complex at 6,366 lots as of 9:50am London time. According to LME data on January 8, there remains one dominant warrant holding position at 30-39% of LME stocks, while total on-warrant material sits just above 116,000 tonnes, more than 51% higher than when on-warrant stock levels hit a multi-year low of 56,650 tonnes in October 2018. Meanwhile, nickel futures continued to climb over the morning, appreciating 1.1% and reaching their highest level since December 4 at $11,130 per tonne, while total on-warrant material is at its lowest since April 2014. "The China-US Trade truce talks moved into an unscheduled 3rd day this morning amongst...