LIVE FUTURES REPORT 29/06: LME base metals prices continue to strengthen as stocks fall further
Base metals prices are higher across the board on the London Metal Exchange this morning on Thursday June 29 as the dollar continues to weaken.
The three-month copper price is at its highest since April 5 as it broke through the $5,900 per tonne barrier. Aluminium is trading above $1,900 per tonne, hitting a two-week high. ”
Inventories across the [base metals] sector continue to fall, while the appointment of a new environmental minister in China aroused fears of more capacity closures (and thus lower output),” ANZ Research added.
Zinc’s available tonnage continues to fall, it is now at its lowest level since October 31, 2007. After cancelled warrants are stripped out, available warrants now stand at just 70,349 tonnes against levels of 103,725 tonnes late last week. Elsewhere, aluminium stocks at the LME-approved warehouse in Helsingborg.