The three-month copper price on the London Metal Exchange was the standout performer at the close of trading on Wednesday August 19, with steady buying into the afternoon causing the red metal to break through nearby resistance, while zinc futures closed above $2,500 per tonne for the first time since November 2019.
The copper price closed at $6,685 per tonne on Wednesday afternoon, notching its highest closing price in over two years, while turnover topped the complex at more than 25,000 lots exchanged by the close. There was a steady flow of US buying in the afternoon that pushed the LME three-month copper price beyond the $6,700 per tonne resistance level, while the metal could not close above the mark against a tight forward...