The London Metal Exchange three-month copper price was lower during morning trading on Monday March 23, with continued selling pressure pushing copper to test support at $4,500 per tonne, while a rewarranting of 4,566 tonnes led to nickel's decline this morning.
Copper's underlying price on the LME was recently at $4,559 per tonne, down by 3% from Friday's closing price of $4,810 per tonne. Copper turnover was strong, with more than 12,000 lots exchanged as of 9:30am London time. Meanwhile, open interest in LME copper fell by more than 10,000 positions over the weekend to total 370,119 open positions. This comes despite a fresh cancelation of some 8,300 tonnes of copper predominantly from LME-registered warehouses...