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LME price falls and maintains short term bearish bias; SHFE prices fall further

1. LME prices pull back below $... per mton, continue to look vulnerable to a correction targeting the $... per mton zone.

2. SHFE aluminum prices struggle to regain upward technical momentum.

3. RERUN: US MW PREMIUM ALERT. PROMPT, TERM AND SPOT ARE NOT THE SAME: MW P1020 spot premium holds at... cent/lb; market shows signs of a bearish bias.

4. LME June–July backwardation intensifies; Cash–3M contango halves to single digit.

More details in full report.