Both copper and zinc's three-month prices on the London Metal Exchange were elevated during morning trading on Tuesday June 25, breaching the nearby resistance levels while a weaker US dollar index fueled further buying momentum.
The red metal's three-month price has been trading in a narrow range between $5,900-6,000 per tonne over June, while physical market participants continue to indicate a high availability of LME-registered grade-A cathodes in the LME systems. On-warrant material for copper now sits at some 223,175 tonnes, up by 13.5% from 193,025 tonnes at the beginning of June. That said, ongoing disruptions at Chilean copper producer Codelco's Chuqicamata mine continue to threaten global copper supply, with the facility producing some 300,000-400,000 tonnes per year. "Codelco...