Copper's three-month price on the London Metal Exchange ended higher on Monday February 18 thanks to the downtrend in stocks and the potential for a thawing of US-Chinese trade relations.
According to LME data, there are now two dominant warrant holding positions across 50-79% of LME stock and tom/next positions respectively."We are constructive on our outlook for copper prices in the next three months. At the macro level, we expect conditions to prove increasingly friendly, prompting the excessively negative copper speculative positioning to correct," Fastmarkets analyst Boris Mikanikrezai said."At the fundamental level, we expect Chinese refined copper demand to pick up later this month, reflecting positive seasonality post Lunar New Year," he added.Three-month tin held firmly above $21,100 per tonne amid continued constraints in exports from...