LME Cash-3M backwardation steepens to double digits (bearish P1020 premiums); LME prices up... % but still within recent trading range
December 13, 2021
1. LME prices rise to short-term resistance levels as the $... per mton trading range remains in place.
2. China’s aluminum prices rise to a two-week high above... yuan per mton.
3. LME nearby backwardation intensifies, Cash-3M “back” steepens to double digits, more LME buildups to follow (bearish for P1020 premiums).
More details in full report.