Lead was the only base metal traded on the London Metal Exchange to close in positive territory on Friday February 9, with the others falling while the dollar strengthened further.
The three-month copper price hit its lowest since December 14 earlier today before closing back below $6,700 per tonne for the first time in 2018. "The copper price continues to unwind, touching its lowest in nearly eight weeks, following another significant rise in inventories," SP Angel analyst John Meyer said. "On-warrant copper inventories in warehouses certified by the London Metal Exchange, not earmarked for delivery, rose 25,700 tonnes yesterday to support the surge by 75% over the past three weeks," he added. After...