The three-month copper price on the London Metal Exchange increased slightly during morning trading on Thursday August 29, bolstered by a fresh cancellation of 24,425 tonnes, while the nickel-tin price differential continues to widen.
The fresh cancellations in copper now total just over 59,000 tonnes, the bulk of which have occurred out of LME-registered warehouses in Asia.
Yet the red metal’s price action has been broadly rangebound over the week, trading between $5,650 per tonne and $5,750 per tonne.
Elsewhere in the complex, nickel’s three-month price remains elevated above $16,250 per tonne, similarly bolstered by a fresh cancellation of some 5,724 tonnes out of Asian warehouses.
“The nickel market had the most violent swings yesterday. After having several…