The three-month copper price on the London Metal Exchange was higher at the close of trading on Monday February 17, topping gains across the base-metals complex despite low trading volumes, while zinc gathered momentum over the afternoon but remained rangebound.
Copper's outright price on the LME closed at $5,812 per tonne in the afternoon, its highest level since January 24 and breaching nearby resistance after trading at an intraday low of $5,770 per tonne.Turnover in the red metal was low over the afternoon, with just 10,963 lots exchanged by the close, the lowest figure since January 16.Buying momentum in LME copper was supported by positive forward spreads, with the metal's benchmark cash/three-month spread recently trading in a $15.25 per tonne contango, widening from an $8.75 per tonne contango...