Bullish boost for LME prices continues; Backwardation at far end of the LME curve intensifies

1. LME prices up… % as they confirm a technical upside target of $… per mton or higher, amid Russian export tax news.

2. SHFE aluminum prices underperform amid prevailing resistance.

3. EUROPE WIRE ROD UPDATE. SUPER BULLISH? Russian export duty expected to push up 2022 contractual rod premiums.

4. LME backwardation at the far end of the curve intensifies amid uncertainty about Russian export duty.

More details in full report.