LME prices bounce back to $… per mton zone; Europe P1020 spot premiums capped by spike in backwardation

1. LME prices bounced back from two-week lows, hovering around the $3,000 per mton zone.

2. EUROPEAN P1020 ALERT. PAUSE: P1020 premiums in Europe unchanged amid steep backwardation.

3. LME Cash–3M backwardation intensifies towards three-year highs (bearish for P1020 spot premiums); warrant cancelations spike in South Korea.

4. The Shanghai Futures Exchange (SHFE) was closed today due to the weeklong Lunar New Year holiday. Trading will resume on Monday, February 7.