Copper and tin set further year-to-date highs during trading on Friday December 18, with the LME base metals complex in high ground in anticipation of a US economic stimulus package.
The red metal's three-month price reached a new 2020 high of $8,028 per tonne during early trading on Friday, settling at $7,985 per tonne at the 5pm close - a 0.8% rise from Thursday's $7,920 per tonne close. Copper's three-month price was up by 3.3% from the start of the week, with the metal opening at $7,774 per tonne at 9am on Monday."While we are constructive on copper for next year, we think a correction is plausible in the short term, especially considering the negative seasonal price patterns, stretched speculative positioning and the fact there is too much complacency in the...