Sluggishness persists in China
Chinese premiums for imported copper cathode continued to decline during the week due to high copper prices and a steep backwardation on the London Metal Exchange.
The backwardations seen in LME spreads have narrowed after the exchange implemented temporary measures to cool the copper market
But the current backwardation in the cash/three-month spread, which narrowed to $167 per tonne recently from a high of $1,100 per tonne on October 18, is still keeping participants away from the spot market, sources said.
“The backwardation remains...