Sentiment in China sends LME scrap contract lower

摘要

The London Metal Exchange’s scrapcurve lurched lower Tuesday morning furtherinto backwardated territory.August traded at $340/mt on LME Select,down $6 from Monday's close and substantiallybelow The Steel Index's underlying referenceprice of $354/mt CFR Iskenderun Monday.The LME's contract is cash-settled against themonthly average of TSI's CFR Turkey price.