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LME prices rally back above $1,600 per mton; Looming decision regarding the “Canadian Problem”

Executive Summary

1. LME prices rebound by 2% and aim to end Q2 on a strong note; bullish price technicals continue to target $1,670 per mton.

2. LME Cash–3M contango narrows but remains supportive for premiums; inventory buildups in Asia continue.

3. CME MW duty-paid financials for Q4 2020 drop slightly from three-month highs; the market remains expectant of an official final announcement regarding the "Canadian Problem”.

4. The Shanghai Futures Exchange (SHFE) was closed today due to the Dragon Boat Festival. Trading will resume on Monday, June 29.

More details in full report.