A first glance at the London Metal Exchange copper price would suggest a market in trouble, but delve beneath the surface and a different picture emerges - one that may well deter speculators from betting on further deep losses. Benchmark three-month copper futures hit a six-year low of $4,855 a tonne on Monday, capitulating to fears about the growth outlook in top consumer China. Prices recovered some poise after Beijing cut interest rates, but they are still more than 20 percent below the 2015 high of $6,481 a tonne. Peeling back the top layer shows the premium - or backwardation - for cash copper over metal to be ... (full story)