US billet premium at all-time high; LME up and above key support; BMW & EGA sign Green PFA contract
1. LME prices close higher and above $... per mton; technical support threshold is maintained but testing could continue.
2. US BILLET ALERT. ALL-TIME HIGHS: US spot billet premium reaches... cent/lb.
3. EUROPE GREEN PFA ALERT. UNPRECEDENTED GREEN CONTRACT STRUCK: Green foundry contract signed by EGA and BMW.
4. CME MW duty-paid premium financials increase to two-week highs, with even further upside expected.
5. LME Cash–3M spread turns to contango, but steep Cash–March backwardation persists.
6. China’s aluminum prices drop from three-week high but hold above key level.
More details in full report.