LME price up and just below last week’s high; US MW spot premium gaps up despite weak demand

1. LME prices continue to experience modest gains so far this week, and closed just shy of last week’s high.

2. ALERT! – US MW PREMIUM. FIVE-MONTH HIGHS: MW spot premium gaps up to… c/lb despite weak demand.

3. LME Cash–3M contango narrows from one-week highs; contango yield below… % still unattractive for new cash-and-carry deals.

4. The Shanghai Futures Exchange (SHFE) was closed due to China’s New Year weeklong holiday. Trading will resume on Monday, January 30, 2023.