Copper backwardation too steep

As predicted two months ago, the copper price has now moved up, because the contango went into backwardation.

I'm not too sure about what this massive backwardation in copper means, but as we saw copper go into backwardation these past weeks, the copper price hasn't really moved up as much as I expected. I'm more neutral now on the copper price. We also see that the large commercials have cut their long positions. We'll see where we go from here.