These are interesting times for copper investors. Concerns on the supply side, questions over sustained demand due to sluggish global economic growth and a forward curve that defies the normal contango situation are some of the major issues that copper-market watchers are trying to get their heads around. The supply and demand situation is best captured by the shape of the forward curve, which has been in backwardation for months. That backwardation only widened in late May on growing concerns about supply issues and is expected to stay in place for a while due to dwindling inventories and a concentration of copper ownership in China.
展开▼
