Copper Extends Rally But Analysts Say Narrowing Backwardation Signals Weaker Fundamentals -- Market Talk

0822 GMT - Copper extended its record-breaking rally, surging above $14,790 a metric ton as supply shortages and tariff fears continue to drive sentiment. Still, "the speed of copper's rise and the continued narrowing in backwardation reduce the confirmation from nearby fundamentals," analysts at Sucden Financial say. A narrowing in backwardation means the gap between near-term and future copper prices is getting smaller. "A sustained hold above $14,700 a ton could keep systematic and options-related buying active, although a stronger U.S. inflation print could trigger a sharper correction through higher yields and reduced liquidity." In early European trading, three-month futures on the LME tick 0.1% lower to $14,792 a ton. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

September 10, 2026 04:23 ET (08:23 GMT)