The three-month copper price on the London Metal Exchange was lower during morning trading on Tuesday March 17, with its price action consolidating at 2016-lows amid a fresh 42,900-tonne inflow, while nickel futures similarly failed to gather momentum across Asian trading hours.
Copper's outright price on the LME was recently seen at $5,237 per tonne, a drop of 0.8% against Monday's closing price of $5,290.50 per tonne, while turnover was strong, with more than 10,000 lots exchanged as of 9:40am London time. Exacerbating the decline in LME copper, a fresh inflow of some 42,900 tonnes was delivered into LME-registered warehouses - predominantly in Asia - with some 23,125 tonnes delivered into Busan and 13,225 tonnes into Kaohsiung. This takes LME on-warrant copper stocks to a total of 173,575 tonnes, while forward spreads remain wide, with the red...