Copper futures in New York settled slightly higher on Monday but held in their recent range as players were reluctant to take on fresh exposure at the start of the London Metal Exchange conference week, sources said.
Copper for December delivery ended up 2.45 cents at $3.4130 a lb on the New York Mercantile Exchange's COMEX division, after dealing between $3.3875 and a one-week peak of $3.45. Spot October rose 2.30 cents to $3.4065, just off the bottom of its $3.40-$3.44 trading band.
Deferred or back month contracts closed in positive territory with gains ranging from 1.90 to 2.65 cents. London Metal Exchange warehouse stocks fell by 350 tonnes to 113,700 tonnes on Monday - less than three days worth of global usage. COMEX stocks increased 216 short tons to 21,592 tons on Friday. LME three-months copper relinquished earlier gains to finish the day at $7,450 a tonne, down $10 from Friday's kerb close.
Comments
Comments are closed.