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Commodities

CL Price Spread Narrows Amid Weakening Siphoning Effect

Guavy AI Editorial Team
Instruments
Copper
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The COMEX-LME copper price spread has narrowed significantly since late August. As of press time, the price spread between the COMEX copper 2610 contract and the LME 3M copper contract has inverted to -$46.94/mt, while the spread between the 2611 contract and the LME 3M copper contract has narrowed to $38.99/mt. This narrowing of the price spread indicates that the siphoning effect of the US on global copper cathode supply is weakening.

According to SMM, as the CL price spread contracts, the demand for copper in North America is decreasing. This decrease in demand is causing a reduction in the siphoning effect, which allows more copper to be available globally.

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