LME price closes month in bearish mode; LME Cash–3M backwardation intensifies and pressures down world premiums
August 31, 2022
ALERT! – EUROPE BILLET.
1. LME prices closed August with bearish momentum and test low end of the range.
2. China’s aluminum prices find support at a two-week low but remain in a medium-term downward trend.
3. LME Cash–3M backwardation intensifies to double digits again. Bearish premiums.
4. RERUN: ALERT! – EUROPE BILLET. THE BIG TURKISH BILLET WAVE: Booming Turkish secondary billet expansions to impact Europe and North America.
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