The LME three-month copper price was again trading above the psychological $5,300-per-tonne level on Thursday May 28, ending the day up 1.3% day on day at $5,322.50 per tonne, buoyed by the fresh cancelation of 19,000 tonnes earlier in the day.
Copper futures extended their gains today with support from a considerable fresh cancelation of 19,975 tonnes from warehouses at Busan in South Korea and Kaohsiung in Taiwan as of 9am this morning, leaving on-warrant LME copper stocks at 202,925 tonnes. Overall LME copper inventories dropped by 6.4% to 264,425 tonnes from the year-to-date high of 282,675 tonnes on May 13 - with 3,275 tonnes of material leaving global sheds this morning versus a lesser 2,325 tonnes incoming. Covid-19 lockdown extensions in copper-producing Central and South America have led to increasing copper-production losses and this may also...