LME prices down but still within an upward trend; US slab market impacted by Kitimat strike; Cash–3M spread turns to a backwardation
July 27, 2021
US MW PREMIUM & SLAB ALERT.
1. LME prices down but still supported in the very short term by technicals, production disruptions, and a weaker US dollar.
2. SHFE aluminum prices fall after testing a two-month high.
3. RERUN: UPDATE! – US MW PREMIUM & SLAB ALERT. PRODUCTION CUT IN AN ALREADY TIGHT MARKET: Rio Tinto cuts Kitimat’s production by 240 kmtpy.
4. LME Cash–3M spread turns to backwardation amid steep tightness ahead of September.
More details in full report.