The London Metal Exchange three-month copper price increased during morning trading on Wednesday June 10, pushing past the $5,800-per-tonne resistance level for the first time since February after a large fresh cancellation 14,550 tonnes removed from LME-registered warehouses in Busan.
Copper's outright price on the LME was recently at $5,821 per tonne, up by just under 1% from Tuesday's closing price of $5,774 per tonne, while turnover was high at more than 8,000 lots as of 9:45am London time. This morning's fresh cancellation in copper takes this week's total cancelled material to over 31,000 tonnes, with the majority of removals booked out of LME sheds in Asia into China, where demand for copper remains greater. LME copper's total open interest continued its incline, with 781 more positions added overnight, taking total open...