Copper prices on the London Metal Exchange have recovered 1.3% during morning trading on Wednesday January 24 despite another large delivery into LME warehouses.
The three-month copper price plummeted to a 2018 low of $6,885 per tonne yesterday after inventories increased a net 36,300 tonnes to 248,075 tonnes. A further 28,600 tonnes were delivered in today across Asian locations, taking the total increase this week to nearly 70,000 tonnes - with on-warrant stock in Singapore more than doubling. "Yesterday saw 34,000 lots traded - highest turnover since December 5 - of which 44% went through in a $30 range between $6,930 and $6,960 per tonne," Marex Spectron added. Volume is high once again this morning with 11,320 lots traded already by 9.45am London time, according to Marex, over 100% higher than the...