RE:Cu $4.77/lbChaos Strikes In Copper-Town | ZeroHedge Excerpt:
“Right now the LME is running a physical contract that effectively is not really backed by physical metal.”
And that 'difficult position' just showed up in a huge way in the copper spread as spot/cash contracts on the LME traded at more than a $1,000 premium to those maturing in three months, the widest spread since at least 1994, surging higher in recent days as freely available stock on the London bourse dwindled.