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LME price up while oil reaches fresh lows; Contango at 15-year highs amid surplus

1. LME prices increase after reaching yesterday our anticipated $... per mton target zone. Bearish pressure prevails from falling oil prices and demand contraction.

2. China’s aluminum prices remain near the low end of their trading range.

3. LME Cash–3M contango unchanged at 15-year highs amid ample metal availability.