The London Metal Exchange three-month copper price declined during morning trading on Tuesday April 21, threatening to dip below the key $5,000-per-tonne support level, while tin futures fell 2.5% despite a sizeable stock outflow.
LME copper's outright price was recently at $5,069 per tonne, sinking from an intra-morning low of $5,182 per tonne, while turnover is moderately high at some 9,000 lots as of 9:55am London time. Although the red metal's LME price has not traded below $5,000 per tonne since April 9, wide forward spreads are supporting forward buying in copper, while open interest has jumped by some 958 positions to a total of 343,461 open positions. Correspondingly, LME copper's open interest increased for the first...