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Not “Ha-Ha” funny, but odd funny. The last report observed that copper inventories held in Comex warehouses had risen sharply, and indeed another near 2,000 MT went on warrant this past week. That by itself is not so odd, but what is odd, is that the August / September spread on Comex went into a small backwardation last week. By definition, a backwardation, be it big or small, is indicative of tightness for physical metal, but as rising inventories tell us, there is no tightness. So what’s the back all about?
John Gross publisher of The Copper Journal and is one of the metals' industry's best resources on copper pricing trends.
If you would like to learn more about how to manage your wire and cable inventory in this volatile market environment, email John at by clicking here or calling him at 631-824-6486.