The London Metal Exchange three-month copper price came close to $8,000 per tonne during early morning trading before retreating by 9am on Friday December 11, with the complex hovering around recent highs on positive Covid-19 vaccine news out of the United States.
The copper price touched $7,973.50 per tonne on Friday morning, setting a new 2020 high and returning to levels not seen since late February 2013. By 9am, however, the price deflated to $7,763 per tonne, 1.46% lower than Thursday's 5pm closing price of $7,878 per tonne. Some 19,540 lots of copper were traded by the end of the day on Thursday, and on Friday morning volumes had hit more than 12,000 lots traded shortly after 9am. On Thursday evening, the US Food and Drugs Administration's advisory panel officially endorsed the Pfizer-BioNTech coronavirus vaccine, and the FDA is expected to authorize the vaccine's use...