Three-month prices of base metals traded on the London Metal Exchange, with the exception of tin and lead, were buoyed by a weaker US dollar to close up at the afternoon kerb on Friday October 18.
The LME three-month copper price finally began to make gains, closing up 1.1% at $5,806 tonnes from yesterday's $5,739 per tonne close. Much has been made of copper futures' lack of reaction to tightening market fundamentals of late, but the red metal was subject to a reversal of fortunes this afternoon, after a fresh cancelation of 21,225 tonnes and a 6,875-tonne outflow of material from LME-approved global warehouses at 9am this morning.Inventory movements look to have exacerbated supply threats from force majeure declarations at MMG's Las Bambas in Peru and Antofagasta's Antucoya smelter in Chile earlier this week....