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Copper’s outright price was recently seen at $5,918 per tonne, with just under 2,500 lots exchanged as at 8.40am London time.
Meanwhile, buying in LME copper remains supported by positive forward spreads, with copper’s benchmark cash/three-month spread recently seen in a $23.25-per-tonne contango.
“Trade deal talks are firming up and it is reported China is reviewing locations for where a ‘phase one’ agreement could be signed,” brokerage Marex Spectron’s LME analyst Anna Stablum said in a morning report.
“Analysts are hoping a trade deal might halt the softening economic landscape. Global manufacturing fell for a sixth straight month in October. China lowered its medium-term lending rate to banks for the first time since 2016 today,” she added.
Elsewhere in the complex, aluminium’s continued resilience saw price action keep above the $1,800-per -tonne support level this morning.
Turnover in the light metal was high, topping the complex at just over 3,500 lots exchanged as at 8.55am London time.
Some 5,675 tonnes of freshly canceled material also boosted price action in aluminium over the morning, with the bulk of material canceled out of LME-registered warehouses in Singapore.
Forward spreads in aluminium remain tight, with cash/three-month recently trading in a $6.25-per-tonne backwardation.
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