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LME price down amid Chinese demand disappointment; Cash-3M spread returns to contango

1. LME prices drop as aluminum demand in China continues to disappoint. Prices remain trading within our identified short-term trading range of $... per mton.

2. China’s aluminum prices still trading at the low end of their multi-month trading range.

3. LME Cash-3M spread returns to contango as May-June backwardation eases slightly (still bearish P1020 spot premiums).