A worker loads copper cathodes into a warehouse near Yangshan Deep Water Port, south of Shanghai in this March 23, 2012. REUTERS/Carlos Barria/File PhotoLONDON, Nov 17 - Calm has returned to the London Metal Exchange copper market after last month's storm, which forced the exchange to step inThe LME cash premium , which rocketed to an unprecedented $1,103.50 per tonne prior to the intervention, was valued at just $15.50 at Tuesday's close.
The world's largest buyer turning on the export taps is a rare phenomenon and one that attests to how tight availability is in the rest of the world.The amount of copper making its way on to LME warrant has so far been underwhelming given the extreme level of the cash premium last month. That said, the relatively sedate pace of the stocks build doesn't seem to justify the way the backwardation structure across the forward curve has imploded over the last couple of days.
The shipping sector is still experiencing its own turmoil with high freight rates and log-jammed ports, including in China. That may help explain the grab for LME-registered copper in the weeks running up to the October date.If Chinese exports do accelerate over the coming weeks, they will help plug some of the supply gaps that have opened up elsewhere and, if delivered to the LME, will provide a much-needed reboot.
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