LME closes week in bearish mode; Scrap demand and prices fall across the board

Note: HARBOR’s Daily Aluminum Commentary will not be published on Monday, May 30, due to the Memorial Day holiday in the US.

1. LME prices close week in bearish mode; downward technical target remains $2,550 per mton.

2. EUROPEAN BILLET ALERT. SOFTENING CONTINUES: Q3 negotiations extend further, spot premium drops in the Iberian Peninsula.

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3. EUROPEAN SCRAP ALERT. SOME SUPPORT: Secondary price decline pauses.

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4. ALERT! – SCRAP MEXICO. FREE FALL: Scrap prices and spot demand fall across the board.

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5. US ALUMINUM SCRAP ALERT. BACKWARDATION: Prices for June delivery now trading in Backwardation.

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6. LME Cash–3M contango loosens toward two-week high sas spreads remain wide into September.

7. China’s aluminum prices stuck within narrow range around medium-term resistance.