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17.08.26 - 22:27
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Copper Squeeze Deepens In London As Futs Near Record; Barclays Flags Top Mining Picks (ZeroHedge)
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Copper Squeeze Deepens In London As Futs Near Record; Barclays Flags Top Mining Picks
Copper prices in London have held above $14,000 a ton for nine consecutive sessions, with steep backwardation signaling that near-term demand is outstripping available supply. A confluence of bullish drivers is pushing prices toward record highs, while the key cash-to-three-month spread has widened to its highest level since the 2021 market squeeze.
The spot price traded as much as $543.50 a ton above three-month contracts on the London Metal Exchange, a hallmark of steep backwardation that signals near-term demand is outstripping available supply.
LME copper curve signals deep backwardation:
Three-month futures rose as much as 1.7% to $14,396 a ton on Monday, closing in on January's record of $14,527.50.
Richard Garchitorena, a New York-based Barclays equity research analyst covering North American metals and mining stocks, wrote Monday morning that mining stocks are poised for further gains as copper supp...
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