Base metals on the London Metal Exchange continued to drift lower during morning trading on Wednesday June 27, with ongoing trade uncertainties, a firm dollar and broad inventory drawdowns putting pressure on the complex.
Copper prices fell by 0.6% during morning trading, drifting to a low of $6,667 per tonne, the lowest point since April 4. Volatile stock movements continue to unsettle the market, with copper's inventory downtrend of more than 6% this month having little effect on prices. "Prices have been sliding further so far this week - copper and zinc are trading this morning at below $6,700 per tonne and around $2,830 per tonne respectively - which suggests that speculative financial investors are continuing to retreat," Commerzbank Research said in a morning note. "Net long positions in both metals are still above average, so the pressure on prices from this side is likely to continue for...