SEATTLE (Scrap Monster): The discount for the cash copper contract against the benchmark three-month contract on the London Metal Exchange (LME) hit $107 a metric ton on Monday, the highest since September 1992.
Expectations of ample supplies of copper on the LME market are behind the large discount or contango, a feature of the market for many months now.
Stocks of copper, used widely in the power and construction industries, in LME-approved warehouses at 161,725 metric tons are up nearly 200% since July last year.
Benchmark copper on the LME was down 0.1% at $8,451 a ton after earlier touching its lowest since Dec. 13 at $8,377.50.
Courtesy: www.reuters.com
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