Benchmark LME Copper Sinks to $7,280 per Tonne

Reuters reported that after rising to its highest price in almost a month earlier today, benchmark copper on the London Metal Exchange (LME) edged lower, trading at $7,280 per tonne.

As quoted in the market news:

‘The recent gains were mostly macro-driven and with the Fed decision out of the way, at least for now, attention will turn back to copper fundamentals,’ VTB Capital analyst Andrey Kryuchenkov said.

‘We are yet to see a narrowing of the copper contango, further draws in Shanghai warehouse inventories as well as rising domestic premiums and eventually falling LME inventories.’

Click here to read the full Reuters report.