This Morning in Metals: LME copper inventories fall to 13-year low

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copper smelter

Bombardho/Adobe Stock

This morning in metals news: according to Reuters, LME copper inventories fell to a 13-year low; July unemployment rates fell in 30 states; and the WTI crude price rose slightly last week.

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LME copper inventories drop

Copper inventories in LME warehouses fell below 100,000 metric tons for the first time since 2007, Reuters reported.

The LME copper price gained 1.1% on Monday, rising to $6,559.50/mt.

Unemployment falls in 30 states

According to the Bureau of Labor Statistics, unemployment rates in July fell in 30 states.

Meanwhile, rates were higher in nine states and flat in 11.

The national employment rate fell to 10.2%, still up 6.5 percentage points from the rate in July 2019.

WTI crude ticks up slightly

According to the Energy Information Administration, the WTI crude oil price closed last week at $42.34 per barrel.

The price marked an increase of $0.33 per barrel from the previous week.

However, the price marked a decline of $13.01 per barrel from the same point in 2019.

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