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Oversupply weighing on near-term prices of copper on the London Metal Exchange (LME) has created record discounts against longer-dated contracts and an opportunity for Asian buyers to purchase the metal cheaply, traders said.
The discount, or contango, for the cash copper over the benchmark three-month contract on the LME hit a record high of $108 a metric tonne on January 8, while the discount over the February contract stands at $58 a tonne.
These discounts are being used by Asian buyers to negotiate lower prices with sellers of the metal used to make wire cable for the power and construction industries.
Expectations of tighter supplies due to disruptions including at First Quantum’s Cobre mine in Panama and Anglo American and Vale cutting production guidance have done little to derail this trend.
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