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LME prices maintain upward trend; LME nearby contango widens to new two-month high

Executive Summary

1. LME prices continue to trade near $1,670 per mton amid easing market fear and demand optimism.

2. LME August–October contango steepens further amid underlying metal surplus; spreads remain supportive for spot P1020 premiums around the world.

3. China’s aluminum prices rebound after testing one-week lows last Friday.

More details in full report.