At 17:18 London time on Thursday, 50 lots of LME cash-March spreads traded in a $2.50 per tonne contango on the exchange’s Select platform, after starting the day in a $4 per tonne backwardation. The LME’s cash-3 month spread backwardation also contracted on Thursday, to $16 per tonne from $29 per tonne. Thursday’s delivery, which mostly comprised 32,500 tonnes deposited in Rotterdam, came after a series of major cancellations in February depleted the LME on-warrant stock volume to its lowest level since 2005. “On-warrant stocks have effectively doubled, so arguably you loosen up the very front month if this stuff ... (full story)