LME copper backwardation flares out, tags leap higher

Dec 13, 2010 | 01:03 PM |

The backwardation in the cash-to-three-month copper spread widened Monday on the London Metal Exchange as the short and long position holders battled ahead of the third Wednesday prompt date as prices soared to all-time highs.

"The nearby spreads have flared out to about $70 (per tonne) from about $30 last week as it's the cash prompt date for December; the shorts and longs are doing battle," one LME Category II source said.....

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