Copper spread tightness balloons, price continues to surge

The backwardation in copper's benchmark cash-to-three-month spread reached a near two-year high of $51.50 per tonne, with the bullish rally on the red metal showing no signs of relenting.

The London Metal Exchange cash price for copper reached $9,648.50 per tonne on Thursday, rising by 22.5% from the start of February.  
Analysts say copper's all-time high of $10,207.50 per tonne - hit in February 2011 - is well within reach amid assertions that the entire LME complex has been caught up in a commodities supercycle and what some call the 'green' commodities supercycle.  

LME copper's three-month price has also been in rally mode,...

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