In this brief
The score is 51 , unchanged from 51; registered/on-warrant stock changed +32.2% over a month. Cash–3M is +47.7 $/t (1.25%) , near its 22-day high; the cumulative public OI proxy through M1 is about 6.6× on-warrant stock, with 10 trading days to M1. Cash holdings include a 80-90% 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.