LME prices down amid re-warranting and backwardation (bearish for P1020 premiums)
December 2, 2021
MORE METAL AVAILABLE.
1. LME prices fall 2% to the lowest closing level since mid-November; still within key $... per mton trading range.
2. MORE METAL AVAILABLE: LME live-warrants spike amid backwardation and bearish premium outlook.
3. China’s aluminum prices down and testing again two-week lows.
4. LME Cash–3M backwardation intensifies to three-month highs (bearish for P1020 premiums).
More details in full report.