LME price bounces to $...; LME Cash-3M backwardation intensifies
May 17, 2023
UPDATE! – WORLD SMELTING PRODUCTION COST.
1. LME price up amid technical buying and nearby spread tightness, remains within HARBOR’s identified narrow short-term trading range of $... per mton.
2. China’s aluminum prices up to a one-week high, approaching short-term resistance.
3. UPDATE! – WORLD SMELTING PRODUCTION COST. BELOW $... per mton.
For more details on world aluminum smelting cost trends and figures, subscribe to HARBOR’s “Aluminum Smelting Cost” report.
4. LME Cash-3M backwardation intensifies to double digits (bearish P1020 spot premiums).