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LME price falls back to support zone; LME Cash–3M contango narrows further (still premium supportive)

HARBOR FIRST ALERT.

Executive Summary

1. LME price drops amid profit taking in the commodity complex, retesting support around $1,550-1,580 per mton.

2. HARBOR FIRST ALERT. Braidy Industries announces new president and CEO.

3. LME nearby backwardation remains contained to early July; Cash–3M contango remains supportive of P1020 premiums worldwide.

4. China's aluminum price rally pauses ahead of a two-day holiday.

More details in full report.