In London, Fastmarkets reports that “turnover in LME copper was at its highest since July 2018 at more than 33,000 lots at the close. Despite a continued backwardation in LME copper’s cash/three-month spread – recently trading in a $9-per-tonne backwardation. ‘The copper strength of late has to do, of course, with intermittent virus-related supply issues coming out of Latin America,’ ED&F Mann commodity analyst Edward Meir said in an afternoon report.”
Stock markets in Asia started the week in positive territory as the Shanghai stock index rose more than 1.7% on Monday.
But renewed coronavirus concerns and newly announced restrictions in California weighed on U.S. stock prices late in the day, with the S&P 500 closing down 0.94% on Monday as the Nasdaq fell 2.1% while the Dow Industrial eked out a 10-point gain.
In foreign exchange trading the euro traded as high as $1.1375 on Monday while the greenback was buying 107.3 Japanese yen.
