LME price unable to sustain rallies, contango widens further; European P1020 and Billet premiums spike
1. LME prices fail to break away from resistance zone.
2. China's aluminum prices continue to see profit taking, retreat from nine-year highs.
3. EUROPEAN P1020 ALERT. UP & APPROACHING $... PER MTON: Rotterdam P1020 ddp rises to $... per mton.
4. EUROPEAN BILLET UPDATE. TOWARDS $ PER MTON: Spot premiums spike to $ per mton; Q3 offers at $... per mton. To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.
5. MEXICO ALUMINUM ALERT. $2 BILLION TRADE SURPLUS: US has a massive aluminum trade surplus with Mexico, Mexican Aluminum Institute says.
6. US UBC SCRAP ALERT. DISCOUNT BONANZA: UBC discounts at... cent/lb again. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.
7. LME Cash–3M contango widens to $... per mton amid loose conditions ahead of June (supportive for cash-and-carry deals).
More details in full report.