LME Cash–3M contango shrinks to a two- week low as tightness ahead of May persists

The LME Cash–3M contango narrowed today to a two-week low of $22.25 per mton from yesterday’s $25.75 per mton, as nearby contangos narrowed all the way through June: the March-April contango narrowed to $11.50 from $12.75 per mton, the April–May contango tightened to $3.00 per mton from a yesterday’s $4.25 per mton, and the May–3M contango shrunk to $7.50 from $7.75 per mton. The Cash–3M contango is barely attractive for cash-and-carry deals.

More details in full report.