Commodities
Copper Prices Soar Amidst Deepening Supply Squeeze
Copper prices are surging above later-dated futures on the London Metal Exchange, causing a condition known as backwardation. This is a hallmark of a deepening squeeze on supply.
The main August-delivery contract jumped to a premium as high as $370 over September futures on Friday, marking the widest one-month spread since 2021. This has prompted the LME to introduce emergency measures to contain the runaway rally in spot prices.