Copper Futures Surge as Short Squeeze Grips NY Market [Yahoo! Finance Canada]
StoneX Group Inc. (SNEX)
Company Research
Source: Yahoo! Finance Canada
(Bloomberg) -- Copper futures in New York rallied to a record high after a short squeeze that saw the most-liquid contract trading at a hefty premium. Most Read from Bloomberg Comex futures for July delivery rose as much as 3.6% to $5.0695 a pound on Wednesday, passing an earlier record for the rolling, most active contract set in March 2022. Prices extended a surge in previous sessions that was tightly focused on the July contract. ADVERTISEMENT The squeeze was partly due to traders playing the arbitrage between futures on Comex and the Shanghai Futures Exchange, Jia Zhang, head of trading at Shanghai Dongwu Jiuying Investment Management Co., said by phone. The high on Comex is equivalent to $11,176 a ton — more than $1,000 above the benchmark contract on the London Metal Exchange. It also pushed the Comex market into backwardation — indicating tight nearby supply — with July trading nearly 30 cents a pound above the September contract on Wednesday. For holders of short
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