The LME three-month copper price was the biggest faller in morning trading on Thursday August 20, dropping by 1.7% against a slight uptick in the US dollar index, while a fresh cancellation supported the nickel price.
Copper's outright price on the London Metal Exchange was recently trading at $6,575.50 per tonne on Thursday morning, wiping out gains made on Wednesday after closing at its highest level in more than two years at $6,685 per tonne, while turnover was moderately high with more than 6,800 lots exchanged as of 9:45am London time. The United States Federal Reserve's statement on Wednesday that the financial recovery from the coronavirus outbreak would take longer than expected was the principle catalyst for the downturn. The drop came in addition to a slight uptick in...