3 days ago • Posted by William Ramstein

Copper surges past 2011 levels at $9'000

There are already signs of emerging tightness on the London Metal Exchange, as spot contracts trade at a premium to futures. That pattern, known as backwardation, was a feature of the market during a record-breaking boom in Chinese demand last year, and suggests that spot demand is once again outpacing supply as exchange inventories run low. Three-month copper traded at $9,141.50 a ton on the LME at 11:02 a.m. in Singapore after hitting $9,187, the highest since 2011. In China, the SHFE contract hit the daily limit. Other metals rose, with LME nickel hitting $20,010 a ton, and tin at the highest since 2011. Source: Bloomberg