Tightness to keep global copper red-hot near-term
By Tim Wood
12 Apr 2005 at 04:55 PM
Tightness in copper futures markets, with backwardations or premiums prevailing in Europe, Asia and the U.S., will keep prices close to current all-time highs in the short-term, traders and analysts said.
On Tuesday, copper hit $3,338 a tonne on the London Metal Exchange (LME), the highest ever price for the metal, having ended Monday at $3,308.
"There are two markets, really. The futures are being squeezed to some extent, but if you want physical metal in Europe, you can get it," a senior trader said.
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