LME price opens Nov with decline amid further demand deterioration
November 1, 2023
ALERT! – US SLAB.
1. LME prices fell again amid fresh evidence of world demand contraction.
2. China’s aluminum price holds near two-week highs despite domestic end-user demand contraction.
3. ALERT! – US SLAB. UNDER PRESSURE: US spot slab premiums expected to remain under pressure in 2024.
4. LME Cash-3M contango widens to one-week high as the December backwardation dissipates (bearish premiums).