LME prices down amid re-warranting and backwardation (bearish for P1020 premiums)

1. LME prices fall 2% to the lowest closing level since mid-November; still within key $… per mton trading range.

2. MORE METAL AVAILABLE: LME live-warrants spike amid backwardation and bearish premium outlook.

3. China’s aluminum prices down and testing again two-week lows.

4. LME Cash–3M backwardation intensifies to three-month highs (bearish for P1020 premiums).

More details in full report.