The three-month copper price on the London Metal Exchange was higher at the close of trading on Thursday September 5, breaching the $5,800 per tonne resistance level and closing at its highest level since August 1.
This came amid a 12-week high in daily volumes traded, with nickel futures being the only metal to close lower over the afternoon.
Three-month copper futures rose by by more than $120 per tonne over the afternoon to close at $5,845 per tonne. This was up from an intraday low of $5,736 per tonne, while volumes traded over the day were at their highest since July 19, at more than 28,000 lots exchanged.
Some 40,000 tonnes of material was freshly canceled this week, most of it out of LME-registered warehouses. This prompted an increase in price activity in the red metal, while a…