LME prices still stuck around $...per mton; LME long-term backwardation signaling producer selling
June 23, 2021
1. LME prices close higher but remain stuck around $2,400 per mton. Short-term technical indicators continue to signal a correction targeting $2,270–$2,200 per mton.
2. SHFE aluminum prices rise to a one-week high, outperforming LME prices.
3. LME Cash–3M contango narrows from three-week highs; long-term backwardations signal producer selling.
More details in full report.