Copper climbs
Manila : London copper futures rose for a second session on Thursday, spurred by a retreat in the U.S. dollar from a five-month high against a basket of major currencies.
Three-month copper on the London Metal Exchange was up 0.5 percent at $6,859 a tonne by 0404 GMT.
ANZ analysts said in a note that the copper market appeared to be tightening, with the front-end of the curve moving into backwardation, when prices for future delivery are lower than those for immediate dispatch.
The one-day spread on tomorrow´s contracts, or tom-next spread, stood at $50 per tonne.
"This appears to be creating a short squeeze, with many traders forced to buy back short positions," ANZ said.
"If you look at the longer term, there´s definitely a bull case for copper," Argonaut Securities analyst Helen Lau said, citing declining ore grades and rising cost, among other factors.
-
Kelsea Ballerini, Chase Stokes Not On Same Page About Third Split: Deets -
Shanghai Fusion ‘Artificial Sun’ Achieves Groundbreaking Results With Plasma Control Record -
Princess Anne Enjoys Andrea Bocelli, Lang Lang Performances At Winter Olympics Opening Ceremony -
Ben Stiller Cherishes Working With Late David Bowie -
Anti-inflammatory Teas To Keep Your Gut Balanced -
Polar Vortex ‘exceptional’ Disruption: Rare Shift Signals Extreme February Winter -
Which Countries Are Worst And Best In Public Sector AI Race? -
Matthew McConaughey Opens Up About His Painful Battle With THIS -
Emma Stone Reveals She Is ‘too Afraid’ Of Her ‘own Mental Health’ -
China Unveils ‘Star Wars’-like Missile Warship For Space Combat -
King Charles Facing Pressure Inside Palace Over 'Andrew Problem' -
Trump Refuses Apology For Video Depicting Obama As Apes Amid Growing Backlash -
Jesy Nelson Reflects On Leaving Girls' Band Little Mix -
World’s First Pokemon Theme Park Opens In Tokyo, Boosts Japan Tourism -
Waymo Trains Robotaxis In Virtual Cities Using DeepMind’s Genie 3 -
5 Simple Rules To Follow For Smooth, Healthy Hair