Copper stabilizes after late February, early March drop
The LME three-month copper price surged to a peak of $9,560 in late February.
However, like nickel, the red metal cooled at the end of February and early March. The three-month price fell to $8,757 per metric ton as of March 4.
“This is a classic overbought market in which traders sought to take some profits,” MetalMiner CEO Lisa Reisman explained last month. “With the exception of tin, all of the non-ferrous metals traded down. And though nickel looks weaker (as does lead), most of the non-ferrous metals remain in their uptrend, as does the ferrous metals complex.”