March 6, 2019
The LME Cash–3M contango widened to $24.75 from $23.00 per mton, as the March–April contango eased to $9.75 from $9.50 per mton, the April–May contango widened to $7.25 from $6.00 per mton, and the May–3M contango eased to $5.25 from $4.50 per mton. As a result, the Cash–3M contango is now wide enough for most players to profitably finance short-term cash-and-carry deals (supportive for spot premiums). However, the concentration of short positions due in March remains somewhat elevated.