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Copper January 09, 2024 01:00:59 PM

LME Copper Cash to Three Month Discount Hits Highest Since 1992

Paul Ploumis
ScrapMonster Author
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.
LME Copper Cash to Three Month Discount Hits Highest Since 1992

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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