LME prices plunge continues and reaches $... per mton; LME cash-3M contango the widest since 2020
May 3, 2022
US BILLET ALERT.
1. LME prices fell today by... % to a fresh four-month low of $... per mton, closing below key technical support levels.
2. The Shanghai Futures Exchange (SHFE) was closed today due to China’s Labor Day holiday. Trading will resume on Thursday, May 5.
3. LME Cash–3M contango the widest since October 2020, bearish LME prices.
4. US BILLET ALERT. BOUNCE: US spot billet upcharge range jumps back to as high as... cent/lb.
5. RERUN: US PFA ALERT. SKYROCKETS: PFA spot upcharge gaps up to as high as... cent/lb.