The three-month copper price on the London Metal Exchange was little changed at the close of trading on Thursday April 16, holding above nearby support levels despite a 10-day low in turnover, while aluminium futures continued to find support above the $1,500 per tonne threshold.
Copper's underlying price on the LME closed at $5,138.50 per tonne, climbing by just over 0.5% from Wednesday's closing price of $5,111.50 per tonne, while turnover was at its lowest since April 6 at 8,873 lots exchanged by the close.Steady buying in the red metal was still supported by wide spreads across the forward curve, with copper's benchmark cash/three-month spread recently trading in a $21.75 per tonne contango.Meanwhile, open interest in LME copper continued to decline, with total open positions at...