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LME price climbs back above $1,600 per mton; LME Cash–3M contango tightens to new three-month low

Executive Summary

1. LME prices up along with oil prices. Further price gains tomorrow could accelerate rally toward $1,670 per mton.

2. LME Cash-3M contango narrows on nearby backwardation but is still enough for financing units (supportive for spot P1020 premiums).

3. China's aluminum prices resume gains but still trade below four-month highs.

More details in full report.