New York Copper Market Tightens Again, Piling Pressure on Shorts [BNN Bloomberg (Canada)]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: BNN Bloomberg
The July-delivery Comex copper traded at a 7.4 cent-per-pound premium to the September contract, in a condition known as backwardation that typically signals a supply shortage. The spread traded in an unprecedented 29.25-cent backwardation last month, putting huge pressure on commodity traders and investors with short positions in the July contract. The global copper market is comfortably supplied overall, and equivalent spot contracts in Shanghai and London are trading at deep discounts to futures. But inventories in Comex warehouses have fallen to a 15-year low, and last month's squeeze has forced traders to scramble to find and ship the select brands of copper that can be delivered into the US to settle their exposure. If they can't find the material, they may need to buy themselves out of their contracts, and risk driving the July contract to an even higher premium in the process. With less than six weeks to go until the expiry of the contract, the re-emergence of the steep b
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