In this brief
The score is 55 , unchanged from 55; registered/on-warrant stock changed +39.2% over a month. Cash–3M is +39.1 $/t (1.03%) , near its 22-day high; the cumulative public OI proxy through M1 is about 7.1× on-warrant stock, with 11 trading days to M1. Cash holdings include a 90%+ holder. The 50–80% band is subject to LME lending guidance, which partially brakes an extreme premium: this is elevated delivery-structure risk, not an inevitable or unbounded squeeze.