MARKET TALK: LME Copper Spreads Bid As Backwardation Flares

The nearby spreads in LME copper continue to be well bid with the backwardation flaring once more, a broker notes. The "window-dressing" of the month-end is now over and pricing is starting to influence spreads again in the near term, he says. April-May was valued in a backwardation of $22 a metric ton and is trading in a back of $21-$23/ton, while May-June was valued in a backwardation of $18/ton and is trading in a back of $19-$21/ton, he adds. LME copper is last at $6,995/ton, +2% from Monday's low.