The cash to three-month spread has widened to $15.50/tonne contango, having been $7/tonne backwardated the week before, and as tight as $13.50/tonne backwardated at the end of April. The move back into contango last week, suggests short-covering has eased. The LME’s Commitment of Traders (COT) report showed the gross short position rise a net 36 lots in the week ending May 1 – so no short-covering on a net basis – while the gross long position climbed 1,046 lots.
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