The LME three-month copper price maintained slim gains made during the day, closing up 0.4% on Tuesday June 23, with high turnover buoyed by US financial stimulus optimism, while stock outflows added further price support.
The London Metal Exchange three-month copper price held above the $5,900 per tonne psychological level to close at $5,905 per tonne this afternoon, up from $5,880.50 per tonne on Monday.More than 15,000 lots of the red metal changed hands by the afternoon kerb, significantly outstripping the rest of the base metals complex- the LME three-month aluminium contract was the next most-traded at around 10,000 lots. Some 6,225 tonnes of copper was taken out of LME-approved sheds, with 3,250 tonnes leaving sheds in Busan, South Korea. About 1,275 tonnes arrived in European warehouses at the same time and 5,000 tonnes of material was freshly canceled in Europe - 4,375 tonnes of which was canceled in Rotterdam.Market participants suggested that copper was reacting more quickly to...