Record Shanghai copper deliveries re-ignite lost cash-and-carry trade

February 18, 2020 / www.metalbulletin.com / Article Link

The market of last resort has just re-ignited copper's cash-and-carry trade in China for the first time since 2018.

Shanghai Futures Exchange copper futures have been trading in a deep contango following the delivery of 106,959 tonnes of copper cathodes onto the SHFE over the past two weeks - the biggest fortnightly inflow on records stretching back to 2003.
"Recently, the February to March carry is over 200 yuan ($29) contango - that's full carry, enough for almost all market players to hold cargoes," a Shanghai-based copper trader told Fastmarkets.

With China's copper industry and logistics network at a standstill over the novel coronavirus (2019-nCoV), the contango curve has become a lifeline for copper traders who lack buyers for cathode and have been able to profit from...

Recent News

Gold stocks propelled by gain in metal and equities

May 13, 2024 / www.canadianminingreport.com

Big Gold producers report strong Q1/24 results

May 13, 2024 / www.canadianminingreport.com

Gold stocks decline as metal drop offsets equity risk on

May 06, 2024 / www.canadianminingreport.com

Canadian mining equity capital raising robust in 2023, early 2024

May 06, 2024 / www.canadianminingreport.com

Gold stocks gain even as metal price pulls back

April 29, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok