The three-month price of copper on the London Metal Exchange was the poorest performer at the close of trading on Thursday September 10, failing to capitalize on an early-afternoon spike above $6,700 per tonne in a 1.4% daily decline, while continued volatility in global equity markets left investors cautious about commodity exposure.
Copper's outright price on the LME closed at $6,668.50 per tonne on Thursday afternoon, falling from an intraday high of $6,773.50 per tonne, while turnover was moderately low at just over 14,700 lots exchanged by the 5pm London close.The red metal's price decline was part of a complex-wide downturn after LME three-month prices for base metals made significant gains last week, with each one breaching nearby resistance levels, and led by copper and nickel.Yet this week's correction was prompted by selling pressure emerging out of global equity indexes, particularly the S&P 500 and Nasdaq, with the latter since rebounding from a 4.1% drop on Tuesday after technology company Tesla recorded its largest ever one-day fall.Trading conditions for LME copper were made worse by the metal's persistent...