LME prices up but still below key $1,740 per mton level; April–May LME backwardation intensifies

Executive Summary

1. LME prices were up despite volatile market sentiment; resistance stands at… per mton and key support remains at… per mton.

2. LME April–May backwardation steepens; Cash–3M contango tightest in five weeks (unsupportive for spot premiums).

3. CME MW duty-paid financials for H2 2020 down to a three-week low of… cent/lb.

4. China’s aluminum prices resume downward momentum, could confirm another leg down this week.

More details in full report.