LME Cash–3M contango narrows despite a reduction in warrant holding concentration
The LME Cash–3M contango narrowed to $30.50 from yesterday’s $31.00 per mton, mainly as nearby contangos tightened through July: the Cash–June contango tightened to $12.75 from $13.00 per mton, and the June–July contango tightened to $8.50 from $8.75 per mton. Meanwhile, the July–August contango widened to $10.25 from $10.00 per mton, while the backwardation from July 15 to 18 settled without a change at $1.75 per mton. Meanwhile, the dominant player further reduced its warrant-holding position.
More details in full report.