Three-month copper and aluminium prices on the London Metal Exchange were subdued across morning trading on Monday April 29, with price sentiment dampened by sizable inflows into various LME-registered locations, while scheduled US-China trade talks this week could boost buying sentiment.
Over 37,000 tonnes of copper was delivered into LME-registered warehouses in Asia, Europe and North America this morning, prompting the red metal's three-month price to slip more than 0.5% and trade back below $6,400 per tonne. Similarly, the metal's cash/three-month spread is now trading in a contango of just $1.25 per tonne from a contango of $15.25 per tonne last week, indicating tighter stock-holding conditions and short-covering pressure in copper. "Imports of non-ferrous scrap into China will be halted for the first...