Copper for delivery during June 2024 is US$8,832 per tonne, US$105 more expensive than the spot price.
The difference between current and future delivery is the largest ever in records that go back to 1994, according to Bloomberg data.
Rising interest rates are another key factor behind the difference in price for copper since higher financing costs associated with storing metal physically for traders encourages a move towards longer-dated commodity futures.
Cheers
These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.
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