Base metals prices on the London Metal Exchange were collectively higher during morning trading on Monday February 25, with copper and nickel futures rallying past nearby resistance levels, while progress in US-Chinese trade talks continue to buoy commodity investment.
Copper's three-month price is now trading above $6,500 per tonne for the first time since July 2018, pushing higher over the morning session against a backdrop of falling LME stocks and continued fresh cancelations. More than 37,000 tonnes of material was booked for removal last week, taking the total number of deliverable copper stocks on the LME to just 33,450 tonnes on-warrant, with more than 74% now booked for cancelation. Similarly, low LME nickel stocks remain price supportive, with the metal's three-month price climbing last week above $13,000 per tonne for the first time since the February 4 rally. "The game was somewhat changed on Friday with a massive 37,000 tonne cancelation of LME copper stocks leaving a modest 39,000 tonnes of free metal in...