The three-month copper price bounced $27 higher, the strongest performer of the day, while on-warrant stocks began to decline again after 13,350 tonnes was cancelled in multiple locations across Asia.
Aluminium prices moved $6 higher as they continue to remain stable at the current level over $2,132 per tonne.
“Most complexes should benefit from what is going on in China, specifically a conscious effort undertaken by the authorities to limit output across a number of metals groups. The question is whether these initiatives will be sustained and for how long and, more importantly, whether weaker demand could partially offset the impact of these cuts,” Edward Meir, INTL FCStone analyst said.
The strengthening dollar has put pressure on the rest of the base metals, as nickel prices dropped over $200 per tonne and remain vulnerable after steep declines last week.
The three-month zinc price dipped lower at the close but remains above $3,100 per tonne, the backwardation on the cash/three-month spreads is currently at $26.50 per tonne after hitting highs of $66 per tonne backwardation on Monday. Copper prices edge higher
Base metals prices
Currency moves and data releases