Copper backwardation collapses on LME deliveries, rumours of more to follow

A fierce copper backwardation on the London Metal Exchange collapsed on Tuesday September 12 as deliveries onto the bourse were followed by persistent rumours of more to come, in keeping with a trend that has persisted throughout 2017 so far.

The LME’s nearby cash/September copper spread reversed a $17 backwardation in early morning trading to a $2 per tonne contango by 15:39 UK time. At the same time, the LME’s cash/three-month contango ballooned from $18 to $43.75. Some 12,425 tonnes of copper cathodes were delivered onto LME sheds on...

Published

Archie Hunter

September 12, 2017

18:16 GMT

London