LME cash-to-three-month copper backwardation nears $550 a tonne, highest in five years

The LME cash-to-three-month spread reached close to $550 a tonne on Monday, August 17, its highest in more than five years. Stocks then rebuilt quickly, with on-warrant copper up 63,000 tonnes between August 17 and August 19. The spread fell to about $176 a tonne by Wednesday from $436 at Monday's close.

• Cash-to-three-month backwardation near $550 a tonne at its peak
• Highest level in more than five years
• On-warrant stocks up 63,000 tonnes from August 17 to August 19
• Spread fell to about $176 a tonne by August 19