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.