The LME’s cash/three-month copper price spread moved to a steep backwardation of around $58 per tonne on February 19, after short sellers scrambled to roll their positions in pre-third-Wednesday trading. On February 12, the cash/three-month spread had been in a $15-per-tonne contango.
Elsewhere, premiums for copper cathode in the rest of Asia, Europe and the United States were little changed over the past week amid limited spot trading.
Shanghai cif premium drops lowest since September 2017
European premiums unchanged; multiple parties bid for Metallo
US market flat amid post-holiday lull
Shanghai premium slides after LME spreads move into wide backwardation
In China, the premium for copper cathode, basis cif Shanghai, slid to its lowest since September 2017 after holders of the red metal looked to offload their tonnages following LME copper price spreads moving into the widest backwardation in close to four years on February 19.
Fastmarkets assessed the premium for grade A copper...