LIVE FUTURES 15/10: LME copper spreads backwardated until 2024, zinc up 22% from Monday

The entirety of copper's London Metal Exchange forward curve ended the day in a backwardated state on October 15, with fears of supply tightness taking over metals across the board.

Zinc reached its highest prices in over a decade while tin climbed to new all-time highs. 

Copper's benchmark cash/three-month spread on LMESelect - the Exchange's electronic platform - touched a $350-per-tonne backwardation on Friday before coming into $257 per tonne at 5pm, while the tom/next spread was at a $175 per tonne backwardation earlier on Friday. 

Further out, the benchmark December 2022/December 2023 spread was last reported in a $289 per tonne backwardation while December 2023/December 2024 was in a $310-per-tonne backwardation.

The metal's outright price reached an intraday high of $10,328.50 per tonne, up by 3.5% from Thursday's closing price,...


Ana de Liz

October 15, 2021

16:33 GMT