More than 100k lots traded on Comex copper, pushing May-July spread to super contango

More than 100,000 lots of Comex copper futures traded on Tuesday April 21, pushing the May-July spread into a super contango - with prices for future delivery well above spot levels.

Tuesday also saw the most-actively traded May-delivery Comex copper contract drop by 3.9% to settle at $2.2295 per lb, from $2.320 per lb a day earlier.
The 100,899 lots of grade 1 copper cathode contracts traded on Tuesday, with each contract unit comprising 25,000 lb (11.34 tonnes), had the United States copper trading community abuzz because it had pushed the May-July into a super contango of 7.25 cents per lb.

This is in comparison with...

Published

Rijuta Dey Bera

April 22, 2020

06:05 GMT

New York