FUTURES WRAP: LME scrap, rebar contracts remain in backwardation

Near-term scrap futures contracts on the London Metal Exchange remained in backwardation but saw slight gains over the week to July 21, while trading volumes dropped. S&P Global Commodity Insights’ Platts assessed the July contract up $6/mt to $396.50/mt. The August contract gained $2/mt on the week to $370.50/mt, September rose $8.50/mt to $373/mt and October increased $9/mt to $368.50/mt….

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