LME Cash below $... per mton; LME contango at multiyear highs amid ample metal availability

1. LME prices remain stuck at three-week lows, still testing technical support levels.

2. China’s aluminum price still testing recent two-week low zone.

3. ALERT! – US BILLET. TOUGH START OF THE YEAR: US billet demand depressed; no improvement is seen soon.

4. ALERT! – US UBC. SEASONAL TIGHTENING: UBC spreads narrow to the same levels of January 2023.

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5. LME Cash-3M and far-end contangos remain near multi-year highs amid ample metal availability, supportive of cash-and-carry deals.