Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Friday March 29, bolstered by positive sentiment emerging out of recent US-China trade talks and gains in copper futures amid strong volumes.
Price action in the red metal returned to levels above $6,400 per tonne over the morning, with more than 4,700 lots changing hands by 9:20am London time. Total on-warrant LME copper material is now at 141,950 tonnes, up by more than 84% after reaching their lowest level since 2005 at just 21,600 tonnes on-warrant on February 28. Meanwhile, tightness in the metal's nearby cash/three-month has eased and is now in a backwardation of $5 per tonne. "We are in the unusual position of having the month and the quarter end...