The contango on copper has been topping out as the LME stock level has also topped out. As copper goes back to backwardation, I see the copper price go up from here. It already spiked back to $3.68/lb which is the highest since October last year. And stocks are following nicely with this uptrend.
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| Chart 1: Copper Contango Vs. Price |
Nice article, thanks for the information.
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