Base metals prices on the London Metal Exchange were mostly higher during morning trading on Friday February 22, with three-month copper and nickel prices breaching nearby resistance levels, while trade sentiment around US-China trade talks continues to support commodity investments. Copper’s three-month price continues to trade in an uptrend amid a decade-low in LME stocks, while traded volumes remain moderate with the metal’s 8,900 lots topping the complex. Supporting the red metal’s climbing price, a fresh cancelation of more than 37,000 tonnes across mostly US warehouses has resulted in total canceled material now making up more than half of total LME stocks. In addition, LME data continues to show two respective dominant warrant holding positions across 30-39% and 50-79% of tomorrow/next and cash positions. Nickel’s price action over the morning was similarly positive, with the metal’s futures price up by more than 1% and trading above $13,000 per tonne for the first time since its short-lived rally on February 4.
