LIVE FUTURES 05/07: Lead spreads flip again to backwardation; copper leads complex higher

Nearby lead spreads are again in backwardation, with the metal's futures continuing to trade at a discount to cash prices on the London Metal Exchange on July 5.

The LME's cash-three month spread is currently backwardated at $19 per tonne although cash-July and cash-August remain in small contangos.
The LME three-month lead price has gained $12 from Friday's 5pm close to $2,312 per tonne.
"It's causing plenty of headaches out there," a London-based broker told Fastmarkets.

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