LIVE FUTURES 23/08: LME copper in $27 backwardation, other prices up 2%

Cancellation of 44,000 tonnes of copper in London Metal Exchange warehouses kept the metal's nearby price spreads in backwardation on Monday August 23, while sentiment for LME prices turned positive after a week of selling.

Some 44,475 tonnes of copper were booked for removal from the Busan, Singapore and Kaohsiung warehouses on Monday, reducing the amount of metal on-warrant to 197,750 tonnes, the lowest since early July.
"This is metal that is going to be shipped onshore, highlighted by the fact that the canceled warrant increases were all across LME Asian warehouses," Alastair Munro, an LME Desk analyst at Marex, said.

A favorable arbitrage for imports into China has been open since last week, when copper's LME price dipped to a four-month low. Fastmarkets calculated the...

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