LME prices up as technical door for $... per mton remains open; MW premium bull run could end this month

1. LME prices extend gains above $... per mton as door remains open for quick visit to $... per mton.

2. The Shanghai Futures Exchange (SHFE) was closed today due to the International Workers’ holiday. Overnight and after-hours trading will resume on Thursday, May 6.

3. MW PREMIUM ALERT: RUN COULD END THIS MONTH: Canada’s P1020 exports to the US overshoot quota, again.

4. US CANSHEET ALERT. ONE STEP FORWARD, TWO STEPS BACK: Arconic re-enters cansheet market in a big way, but not until 2022, while other mills face immediate delivery issues. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.

5. LME Cash–3M backwardation steepens, as nearby tightness intensifies (short-term bullish for P1020 premiums).

More details in full report.