The LME aluminium cash to three-month spread averaged $20/tonne in the first half of January, compared last week’s $2.25/tonne average contango, and a backwardation of $3.75/tonne on Wednesday, though it had reverted to contango by Friday. Forward spreads also narrowed with the three-month to 15-month spread at $38/tonne contango on Friday, from $44/tonne the week before.
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