The three-month copper price on the London Metal Exchange fell by 0.5% at the close of trading on Tuesday September 17 but held above nearby support levels, while aluminium futures were the only positive mover in a predominantly weaker base metals complex.
Copper traded volumes were relatively low over the day at 14,000 lots by the close. Although the red metal's closing price was lower than Monday's close at $5,821 per tonne, it has recovered from an intraday low of $5,783 per tonne. Analysts pointed to the rally in oil prices driven by production outages in Saudi Arabia as a key driver for lower copper prices this week so far. The LME three-month copper price is...