LME price extends short-term bounce; LME inventories spike in Asia; Prices above $... seen as unsustainable
April 18, 2023
1. LME price climbs to six-week highs, approaching technical resistance at the higher end of the $... per mton trading range. Levels above $... per mton are seen as possible but not sustainable.
2. China’s aluminum prices reach medium-term resistance amid Q1 demand news.
3. LME Cash–3M contango widens from five-month lows amid inventory buildups and April’s contract settlement.