The London Metal Exchange three-month copper price closed trading on Wednesday May 20 higher, on optimism of a possible slowing in the coronavirus-related economic downturn and while buying in the LME drove the price up and reduced arbitrage profits.
LME copper's outright price closed at $5,442.50 per tonne on Wednesday afternoon, climbing over 1.6% from an intraday low of $5,328 per tonne, while turnover topped the complex at just under 14,000 lots over the day. Yet strong buying and higher price action in LME copper comes amid continued opportunities for market participants to profit from the SHFE-LME import arbitrage window, with traders seeking to purchase LME...