LME and SHFE prices down to one-month lows; Cash-3M contango widens to $... per mton amid growing surplus
January 15, 2024
ALERT! – CHINA SCRAP IMPORTS.
1. LME Cash aluminum price fall again and close at a fresh one-month low of $... per mton, approaching the low end of the $... per mton trading range.
2. China’s aluminum prices down to fresh four-week lows as central bank stimulus disappoints.
3. ALERT! – CHINA SCRAP IMPORTS. THE START OF A NEW TREND: China’s imports of aluminum scrap spike to six-year highs.
4. LME Cash-3M contango steepens to $... per mton, again approaching fifteen-year highs amid a surplus of metal.