LME prices down; US extruders and secondary billet producers expanding
June 1, 2021
US BILLET ALERT.
1. LME prices fail to confirm last week’s rally, closes down at $... per mton.
2. SHFE aluminum prices fall and sustain bearish short-term momentum; P1020 export arbitrage to China practically closes.
3. US BILLET ALERT. MORE SUPPLY EXPANSIONS COMING: Numerous extrusion and billet expansions confirmed.
4. HARBOR FIRST ALERT. EGA appoints Adel Abubakar as new acting Chief Marketing Officer.
5. LME Cash–3M contango tightens, backwardation at the far end of the curve intensifies on producer selling.
More details in full report.