LME price still stuck around seven-month lows; Cash-3M backwardation reaches $... per mton
May 31, 2023
ALERT! – MEXICO P1020.
1. LME price continues to gravitate around $... per mton while medium-term technical indicators deteriorate further.
2. China’s aluminum prices keep finding technical support near... yuan per mton.
3. ALERT! – MEXICO P1020. DECLINE CONTINUES: Mexico's P1020 spot and contractual premiums fall to new lows.
4. LME Cash-3M backwardation intensifies further to a fifteen-month high of $... per mton amid steep front-month tightness (bearish for P1020 premiums).