Following the dramatic sell-off that took place a month ago, the LME 3-month copper pricesubsequently consolidated in a range of $4,500-4,650/t and the cash to 3-monthbackwardation narrowed sharply. On a positive note, copper prices have not reacted to thefurther deterioration in Brent crude oil prices this month and there has been a relatively limitedresponse to the Fed's first interest rate hike for eight years.
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