The three-month copper price on the London Metal Exchange had declined by the close of trading on Thursday September 26, below the $5,800-per-tonne resistance level while turnover was thin against an ascending US dollar index.
Copper's outright price on the LME closed at $5,722 per tonne - its lowest level since September 3 - while volumes traded were light with just over 11,100 lots exchanged by the close. Yet copper's price decline comes against fresh cancelations of more than 65,000 tonnes this week, with on-warrant material falling from 211,450 tonnes at the start of the week to its current level of 163,200 tonnes. In addition, copper's forward spreads on...