The three-month copper price on the London Metal Exchange was higher at the close of trading on Tuesday January 14, settling at its highest price since April 2019 against moderate turnover, with lead futures the afternoon's top performer.
Copper's outright price on the LME closed at $6,302 per tonne on Tuesday afternoon, breaching nearby resistance over the afternoon despite turnover only being moderate, with just over 12,000 lots exchanged over the day. Supporting upward momentum, LME stock levels have continued to decline over the December-January period, falling from 208,525 tonnes at the start of December 2019 to their current level of 128,100 tonnes. In addition, forward spreads in LME copper remain wide, with the red metal's benchmark cash/three-month spread recently seen in a $32 per tonne contango. "The LME copper price has traded steadily higher since the September 2019 low, with...