RSS SubscribeVideo – Copper market in crisis
On Monday, June 23, spot copper traded at a $345 per tonne premium to three-month futures on the London Metal Exchange, the highest level since 2021.
Backwardation now extends to June 2026 futures, signaling a market pricing in significant supply shortages. Six months ago, short-term contracts traded at a discount, showing comfortable supply.
Inventories on the LME have plummeted about 80% this year and are down to less than a day of global usage.
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