We see that the contango is widening each day, while copper price is declining. That is a normal thing.
Once the contango reverses, we will see a spike in copper. I don't know when it will reverse though.
Historically we need to go as high as 2-10% contango to mark a bottom in copper price as I pointed out here. Today we are at 0.04/3.5 = 1.1%. So there is still a ways to go.
Historically we need to go as high as 2-10% contango to mark a bottom in copper price as I pointed out here. Today we are at 0.04/3.5 = 1.1%. So there is still a ways to go.
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