LME price up, but short-term resistance holds; MW P1020 premium discounts widen further

1. LME prices remained below expected short-term resistance around $… per mton amid subdued trading volumes.

2. The Shanghai Futures Exchange (SHFE) was closed today due to the Dragon Boat Festival. Trading will resume on Tuesday, June 15.

3. US MW PREMIUM ALERT. BACKWARDATION, CLOSED ARB & CANADA: MW P1020 spot premium discounts widen further.

4. EUROPEAN SLAB ALERT. FIRST LOCK IN VOLUMES, PREMIUMS LATER. Mills looking to reserve 2022 slab volumes.

5. LME Cash–3M backwardation intensifies ahead of this week’s settlement of June’s third-Wednesday contract.

More details in full report.