Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Tuesday February 19, with a new round of trade talks between the United States and China improving market sentiment amid a slight softening of the US dollar index.
Volumes traded over the day were moderate, with copper's 19,500 lots leading the complex.The metal's three-month price continued to trade on an uptrend, up by more than 6% since the start of the year and trading at more than $6,300 per tonne for the first time since December 2018.Additionally, a bullish run over morning trading led to the metal's forward spreads tightening, with the cash/three-month price flaring to a $58 per tonne backwardation, from $7 per tonne on Monday.LME data continued to show one dominant warrant holding position across 50-79% of LME stock and tomorrow/next positions respectively, while total LME stocks remained at a decade-low volume."LME copper has strengthened on the margin since the start of the week amid a mixed performance across its...