LME price plunges toward key $... per mton support; breach below opens door to ... per mton and possibly lower
1. LME price plunges 5% today as bullish technical momentum deteriorates further; breach of key support at $... per mton would open the door for new leg down targeting $... per mton.
2. China’s aluminum prices fall back toward six-week lows.
3. EUROPEAN ALUMINUM ALERT. ENERGY COSTS BITE AGAIN: Trimet reduces further smelting operations in Germany.
4. LME Cash–3M contango loosens to widest since October 2020, supportive for P1020 premiums.