All metals except for zinc and aluminium fell from their recent psychological levels on the morning of Friday May 21, with selling on the London Metal Exchange still present while macroeconomic headwinds continue to affect the complex.
Copper's three-month price was down to $9,970 per tonne on Friday at 9am from Thursday's close at $10,048 per tonne, which had been a slight $40 rebound on the previous day's price. The metal touched $9,884.50 per tonne on Friday morning, its lowest since May 6. In LME stocks, copper inventories jumped by 8% on Friday morning to a total of 126,675 tonnes following a 10,000-tonne intake into Rotterdam warehouses. The same amount of metal had been warranted into Rotterdam one week ago on May 14. Risk-off momentum has been present in LME prices since last week, with wider markers worried about the Federal Reserve changing its stance on its monetary policies amid...