Base metal prices were little changed in early trading this morning with LME 3-mo. copper and aluminum edging up to around $6,460/mt and $1,898/mt, respectively, while 3-mo. nickel was holding up around $12,955/mt.
The firmness in LME copper prices comes despite a surge in closing copper stocks held in LME warehouses last week, which rose from around 111,775 mt early in the week to more than 186,000 mt late in the week as market participants continue to play their games with warehouse stocks. In New York, COMEX copper was firmer at $2.92/lb. early this morning while NYMEX crude oil futures eased to $58.70 per barrel after having posted solid gains last week. Reuters reports that concerns about a global economic slowdown continue to offset expectations for extended OPEC oil production cuts. In equities trading most of the major stock indexes were up in Asia this morning while European trading was mixed. In foreign exchange trading the euro was slightly firmer at $1.1357 while the British pound dipped to $1.326 ahead of another tricky week on the Brexit front.
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