The London Metal Exchange three-month base metals prices were pinned down on Thursday May 14 morning, largely due to continued risk-off sentiment related to the coronavirus outbreak, while a fresh 60,050-tonne inflow pressured the LME copper price.
LMe copper's underlying price was recently at $5,186 per tonne, sliding from an intra-morning high of $5,235.50 per tonne, while turnover was moderate at some 6,000 lots by 10am London time. Since the coronavirus outbreak reached Europe in late March, open interest in LME copper has fallen but regained some 3,097 positions overnight to total 352,271 open positions, pushing back above 350,000 positions for the first time since April 14. This morning's inflow pushed total LME on-warrant copper stocks from 190,225 tonnes to 249,400 tonnes, with some 25,850 tonnes shipped into LME-registered warehouses in Busan, while the rest found...