LIVE FUTURES REPORT 09/06: LME copper price clears $5,700/t in 0.8% uptick; nickel slips 1.2% at close

June 10, 2020 / www.metalbulletin.com / Article Link

The LME three-month copper price was higher at the close on Tuesday June 9, breaching nearby resistance at $5,700 per tonne against strong turnover, while selling pressure saw nickel futures fail to finish above $13,000 per tonne.

Copper's outright price on the London Metal Exchange closed at $5,774 per tonne on Tuesday afternoon, climbing from an intraday low of $5,676 per tonne, while turnover topped the complex with more than 18,500 lots exchanged by the close. 
Total LME open interest in copper has continued to climb this week, gaining another 5,191 positions overnight to reach a total of 363,900 positions, surpassing 360,000 open positions for the first time since March.

Forward spreads for LME copper remained wide over the day, with the red metal's benchmark cash/three-month spread recently trading...

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