‘Odd situation’ continues in copper as prices slip in LME officials
May 08, 2012 | 09:36 AM
The backwardation in the cash-to-three-month copper spread continued in official trading on the London Metal Exchange on Tuesday May 8, while outright prices and premiums fell.
Three-month copper settled at $8,132/33 per tonne, at a $99 premium to the cash contract, while prices came under pressure amid mounting concerns about talks to form a new coalition government in Greece following a national election at the weekend that revealed large-scale opposition to the country’s austerity drive.
“This may continue to weigh on the euro, which, combined with a lethargic physical market....
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