Copper's three-month price on the London Metal Exchange consolidated during morning trading on Monday March 18, remaining below its nearby $6,500 per tonne resistance level, with a fresh rewarranting of just below 25,000 tonnes failing to provide a major headwind to price action.
Total LME on-warrant copper stocks now sit at around 138,000 tonnes. They are up by more than 84% since the start of March, when on-warrant material reached multi-year lows of 22,000 tonnes. Meanwhile, continued flows of copper in and out of LME-listed warehouses in Chicago and New Orleans, which currently account for more than 26% of total LME stocks, indicate that US copper trade remains active. Volumes were moderate over the morning session, with copper lots topping the complex as of 10:23am London time at more than 6,100 lots.In nickel, however, continued selling caused the metal's three-month price to fall by more than 3% last week - it dipped below...