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The three-month copper price continues to trade at just over $6,000 per tonne after falling by more than 6% this month from a monthly high of $6,443 per tonne on May 1.
Copper volumes traded were thin over the morning period, with just under 5,000 lots exchanging hands by 9.26am London time, while the metal’s cash/three-month spread remains in a supportive contango, recently seen at $24.50 per tonne.
“For the moment the modest rally in metals is on relatively thin volumes and after so many days of falling prices is not unexpected, the question is how long it will last before the next wave of selling comes in,” Kingdom Futures director and chief executive Malcolm Freeman said in his morning report.
“It would seem that the only thing that is currently guaranteed is volatility and that does not look set to stop any time soon,” he added.
Elsewhere, zinc’s three-month price continues to trade below $2,600 per tonne after falling 2.6% at Monday’s close.
Despite a climb of 0.4% this morning amid more than 3,500 lots traded, spot business for the galvanizing metal remains limited, with its cash/three-month spread continuing to trade in a wide backwardation, recently seen at $143 per tonne.
In macro news, escalating trade tensions between the United States and China continue to dominate headlines after China’s retaliatory import duties of 5-25% on 5,140 US products, while US President Donald Trump and Chinese President Xi Jinping are scheduled to meet next month.
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