Base metals prices on the London Metal Exchange were down across the board during morning trading on Friday February 9 after aluminium and copper stocks rose significantly.
The three-month copper price dropped to a low of $6,784.50 per tonne this morning with on-warrant stocks climbing 22% this week. "LME on-warrant stocks have risen another 10% today, resulting in a 53,600 tonne or 22% rise this week. At 293,000 tonnes on-warrant stocks are the highest since September 2016 when they reached 309,000 tonnes," Marex Spectron said in its morning note. Some 25,100 tonnes of copper were delivered in today following 25,950 tonnes delivered in on Thursday. It was...