FUTURES WRAP: LME scrap, rebar futures see further losses, shift to contango

摘要

London—The scrap and rebar forward curves on the London Metal Exchange both saw losses over the week to Oct. 8 amid a sharp drop in the physical scrap market. The scrap forward curve moved down on losses over near-term contracts, shifting from a very soft backwardation from October to December one week prior, into a slight contango Oct. 8. This suggests future traders expect that the market is close to the bottom of the current downtrend in physical prices, with some slight upside expected in the near term.