Copper Backwardation Collapses After 20,000 Tons Hit LME Warehouses

Trafigura Group and several other traders delivered more than 20,000 tons of copper into LME warehouses on Tuesday, the biggest one-day build in on-warrant stock since April, and the squeeze that had gripped the London market for the past week came apart.

The cash-to-three-month spread settled at a $248-a-ton backwardation, down from as much as $545 on Monday, which was the widest since 2021.