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LME aluminium backwardation hits 36-year high as stocks shrink
The cash aluminium contract on the London Metal Exchange traded at its biggest premium over the three-month forward in 36 years on Thursday, with the backwardation pointing to acute near-term tightness in the market. The cash-to-three spread -3 last traded at a $176.80 per metric ton backwardation - a market structure where prices for prompt delivery are higher than those for future delivery - to hit its steepest since November 1990. Analysts say the spike has been driven by low LME inventories, which have more than halved since January to 226,350 tons. Available, or on-warrant LME stocks are ...
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