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Business

June 20, 2017

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Copper littel changed

Copper littel changed

Melbourne

London copper traded little changed on Monday as broader financial markets gave no directional cues, with the potential for inventory builds as the monthly prompt date comes due potentially keeping a lid on prices.

Three-month copper on the London Metal Exchange edged up by 0.1 percent to $5,671 a tonne by 0111 GMT, after losing nearly 1 percent in the previous session.

LME copper is bouncing in a range between the 100 and 200-day moving averages, at $5,778 and $5,512 respectively.

The June or third Wednesday contract will reach expiry this week, which often triggers an influx of stock registrations in LME warehouses as traders deliver against short positions.

Shanghai Futures Exchange copper eased 0.2 percent to 45,500 yuan ($6,682) a tonne. LME nickel fell 0.6 percent, rolling back 1 percent gains from Friday.

 

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