Discussing EFPs, Spreads and Physical Demand with Andrew Maguire
Update: 2025-01-24
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Twice in the past six weeks, we've watched the spread between spot and front month futures blow out to curiously high levels. The accepted narrative for the cause of these unusual occurrences is that possible Trump tariffs are leading to concerns over metal availability in New York. OK, maybe. But what if the spreads widen again next month? Could there be something more significant at play? For a...
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