Copper backwardation steady in LME kerb, Shanghai stocks in focus
May 02, 2012 | 12:36 PM
The backwardation in cash-to-three-month copper spreads eased marginally at the close of trading on Wednesday May 2 as market sources anticipated an outflow of copper from Shanghai warehouses into the LME system.
A consortium of Chinese smelters led by Jiangxi Copper announced at the start of the week that they will export refined copper to put pressure on the backwardation, and on Wednesday market observers continued to wonder how strong their commitment will be.
Three-month prices closed at $8,305 per....
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