The three-month copper price on the London Metal Exchange continued to edge lower during morning trading on Thursday May 30, reaching its lowest level since September 2018 after more than 29,000 tonnes was delivered into LME-registered warehouses across Asia and Europe.
Volumes traded in the red metal were high over the morning, with more than 6,500 lots exchanged as of 9:25am London time, indicating strong selling momentum. The copper price dipped to an intra-morning low of $5,839.50 per tonne and is down by more than 9% since the start of the month when the metal's three-month price neared $6,500 per tonne. A combination of high availability of material and static demand has joined broad strength in the dollar index and continued...