FGM’S ECONOMIST DANIEL DODERER FEATURED IN SMU

It has been six weeks since Flack Global Metals wrote our last SMU column, and if you simply look at the futures curve from then (blue) until now (white), you could argue that very little has changed. April and May are trading ~$50 higher than they were at that point, but the rest of the curve is essentially unchanged. However, for anyone who has been monitoring the futures and physical markets, this is obviously not the case. So, what actually happened?