LME prices end May near $... per mton; European P1020 premiums well supported by logistical logjams
Special Note: HARBOR’s Daily Aluminum Commentary will not be published on Monday, May 31, as the LME will be closed due to the Spring Bank Holiday in the UK.
1. LME prices up 5% this week, bouncing back near $... per mton; we continue to see levels above $... per mton as fundamentally unsustainable.
2. SHFE aluminum prices erase weekly losses as technical support holds.
3. EUROPEAN P1020 ALERT. WELL SUPPORTED: Logistics costs at decade high supporting premiums.
4. EUROPEAN BILLET UPDATE. TAKE IT OR LEAVE IT: European spot billet premiums jump to $... per mton. To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.
5. US TWITCH SCRAP ALERT. US Twitch prices follow other secondary prices down. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.
6. LME Cash–3M contango narrows below $25 per mton; backwardations at the far end of the curve intensifying again.
More details in full report.