Biggest names in metals implicated in LME copper backwardation

Was it Goldman Sachs, Red Kite or Glencore that pushed the copper market into backwardation on Friday February 24? Each of them had reason to borrow nearby spreads and settle shorts, sources told Metal Bulletin.

Those with an eye on fundamentals said Glencore has been forced to buy from the London Metal Exchange to cover lost output from the 215,000-tpy Pasar refinery in the Philippines,...


Mark Burton

February 27, 2012

16:54 GMT