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LME price rallies on thin volume, SHFE price underperforms

1. LME prices rally... % amid light trading volume; technical rebound not yet enough to override bearish short-term pattern.

2. SHFE aluminum prices rise but underperform LME, considerably shrinking the P1020 export arbitrage window for Western producers.

3. LME Cash–3M contango narrows from nine-week high; backwardation at far end of the curve widens again amid producer selling.

More details in full report.