Copper Backwardation Collapses After 20,000 Tons Hit LME Warehouses ...Middle East

OILPRICE - Economy
Copper Backwardation Collapses After 20,000 Tons Hit LME Warehouses
source : OILPRICE ( Middle East ) () 48
Trafigura Group and several other traders delivered more than 20,000 tons of copper into LME warehouses on Tuesday, the biggest one-day build in on-warrant stock since April, and the squeeze that had gripped the London market for the past week came apart. The cash-to-three-month spread settled at a $248-a-ton backwardation, down from as much as $545 on Monday, which was the widest since 2021. Trafigura was behind a large share of the metal placed on warrant, according to people familiar with the deliveries, and traders expect more to follow in…

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