Copper experiences historic backwardation due to falling inventories, potential US tariffs, and smelting crisis. Spot copper trades at $345/tonne premium to futures, signaling tightening supply. LME inventories down 80% this year, prompting rush to US ahead of tariffs. LME implements measures to curb backwardation. Short-term spreads indicate broader market pressure. COMEX copper for July delivery slips to $4.83/lb.
Read more@
