The London Metal Exchange three-month copper price declined during morning trading on Friday April 24, with price action consolidating lower amid slow turnover, while a marginal incline in zinc futures pushed it to close in on nearby resistance levels this morning.
LME copper's underlying price was recently trading at $5,115 per tonne, a decline of some $45 per tonne from Thursday's closing price of $5,160.50 per tonne, while morning turnover was thin at just under 4,000 lots as of 10am London time. Open interest in the red metal continues to trend lower this week, with volatile oil prices rattling commodities earlier this week. Open interest levels dropped to 341,933 total positions overnight, a decline of 1,940 positions and down from more than 430,000 positions at the start of...