LME Cash-3M backwardation steepens to double digits (bearish P1020 premiums); LME prices up… % but still within recent trading range

1. LME prices rise to short-term resistance levels as the $… per mton trading range remains in place.

2. China’s aluminum prices rise to a two-week high above… yuan per mton.

3. LME nearby backwardation intensifies, Cash-3M “back” steepens to double digits, more LME buildups to follow (bearish for P1020 premiums).

More details in full report.