The three-month copper price on the London Metal Exchange was lower at the close of trading on Monday September 16, below nearby support levels, while a continued sell-off in nickel futures saw that commodity’s outright price fall by 2.6%.
Volumes traded in copper over the afternoon were moderate, with some 17,000 lots exchanged by the close, while the red metal’s closing price of $5,870 per tonne reflected a 1.8% drop on the day.
Copper futures began the day trading firmly above the $5,900 per tonne support level, reaching an intraday high of $5,964.50 per tonne before falling to a daily low of $5,856.50 per tonne.
The price of copper was under pressure partly from a fresh inflow of 5,300 tonnes, all of which entered LME-registered warehouses in Rotterdam, which holds the LME’s largest copper cathode inventory…