Copper's three-month price on the London Metal Exchange climbed above $6,600 per tonne at the close of trading on Wednesday April 17, buoyed by strong GDP figures out of China while a softer dollar index below the psychological level of 97 supported afternoon buying.
Volumes traded in the red metal reached their highest level since March 22 over the day, with more than 24,000 lots changing hands by the close, while its three-month price action reached an intraday high of $6,608.50 per tonne, its highest level of the year. In addition, copper's tomorrow/next spread, which indicates the cost of borrowing copper overnight, moved to a discount of $6.50 per tonne this afternoon, which prompted spread volumes to reach their highest level since May 2018, with more than 1,600 lots traded today. "LME copper's micro-dynamics remain not so price supportive. Even though selling interest among LME fund managers has slowed visibly to 540 lots in the week to April 12, its net short...