The shorting of copper's three-month price on the London Metal Exchange on Thursday March 25 took the metal's futures price down by 2.2% day on day at the close.
Copper's 5pm price on Thursday was $8,779.50 per tonne, a decrease of 3.6% since the start of the week. Its closing price on Monday was $9,108.50 per tonne, and on Wednesday it was $8,977.50 per tonne.The metal was now back to a level last seen on March 9 at 5pm, when it closed at $8,779 per tonne. Its intraday low of $8,709 per tonne on Thursday was the lowest since March 5."Today's open interest is on the rise (+0.9%), suggesting that fresh shorting is driving the copper price weakness," Fastmarkets analyst Boris Mikanikrezai said in a morning note."The increase in fresh...