Commodities
Home›Commodities›Industrial Metals›Copper falls below $14,000 a tonne as LME on-warrant s…
Copper falls below $14,000 a tonne as LME on-warrant stocks rise
ING links the move to a rise in LME on-warrant inventories that eases a prior supply squeeze, with copper trading spreads tightening as speculative net long positions are trimmed.
Copper prices on the LME have retreated sharply, dropping to below $14,000 per tonne after on-warrant inventories increased enough to ease a previous supply squeeze, according to ING’s commodities team.
As the squeeze unwound, copper price spreads narrowed and speculative net long positions were trimmed, suggesting bullish sentiment may cool over the next several days and weeks, FXStreet reports in its insights roundup.
FXStreet also notes that commodity traders are watching how positioning and inventory developments evolve, as shifts in supply expectations are continuing to drive the metal’s near-term price action.
Latest closeCopper $6.606 ▲0.2%