The three-month copper price on the London Metal Exchange was higher at the close of trading on Friday September 13, with the price near the $6,000 per tonne resistance level and closing at its highest level since July 29, while tin’s outright price fell over the afternoon.
Copper futures closed at $5,974.50 per tonne in the afternoon, exceeding its 100-day moving-average at $5,925 per tonne and appreciating by around 6.3% this month.
The red metal’s daily turnover was moderate despite the price climb, but trading volumes in copper topped the base-metals complex at some 14,000 lots exchanged by the close.
Supporting buying momentum, copper’s forward spreads have traded in a strong contango for much of August-September, with the metal’s benchmark cash/three-month spread recently trading in a…
