LME unchanged but above key support; Backwardation along the curve intensifies (bearish premiums); Canadian logistic issues re-emerge
November 18, 2021
US BILLET ALERT.
1. LME prices trading above HARBOR’s $... per mton identified support zone.
2. China’s aluminum prices reach five-month lows.
3. US BILLET ALERT. IT’S OFFICIAL: Hydro to build 120 kmton secondary billet expansion in Michigan.
4. US ALUMINUM ALERT. CANADIAN LOGISTIC ISSUES STRIKE AGAIN: Disruptions seen in rail shipments from Western Canada.
5. LME Cash–3M backwardation intensifies further amid severe December–January tightness (bearish for P1020 spot premiums).
More details in full report.