The market of last resort has just re-ignited copper's cash-and-carry trade in China for the first time since 2018.
Shanghai Futures Exchange copper futures have been trading in a deep contango following the delivery of 106,959 tonnes of copper cathodes onto the SHFE over the past two weeks - the biggest fortnightly inflow on records stretching back to 2003.With China's copper industry and logistics network at a standstill over the novel coronavirus (2019-nCoV), the contango curve has become a lifeline for copper traders who lack buyers for cathode and have been able to profit from...