The copper price trading on the London Metal Exchange managed to hold on to most of its early morning gains to close $76 per tonne higher on Monday February 12.
The three-month copper price is now trading back above $6,800 per tonne and the red metal continues to stabilize after falling to a two-month low after the equity market plummeted and the dollar recovered. The majority of metals closed in positive territory but most retreated from earlier daily highs before the 5pm close. "Base metals are looking perkier today... However, the complex is well off its earlier highs and so we are not sure whether the gains will last, especially if the dollar starts to recover and if we see another round of selling set in...