LME Cash–3M widens to a two-week peak

 

The LME Cash–3M contango widened to $29.00 from Friday’s $26.25 per mton, as contangos widened from May through July: the May–June contango widened to $9.75 from $9.25 per mton, and the June–3M contango eased to a contango of $2.00 per mton from Friday’s backwardation of $0.25 per mton. Meanwhile, the Cash–April and April–May contangos were unchanged from Friday at $11.25 and $6.00 per mton respectively (the May 7–10 backwardation stood unchanged at $3.00 per mton). As a result, the Cash–3M contango remains wide enough for most players to profitably finance short-term cash-and-carry deals (supportive for spot premiums).

 

More details in full report.

 

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