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LME prices plunge and revisit key support zone; Nearby LME spreads join the rest of the curve in backwardation (bearish P1020)


1. LME prices fall and revisit HARBOR’s $... per mton support zone.

LME 3M aluminum prices plunged today by 3.1% or....

2. China’s aluminum prices down to a five-month low and below key support level.

3. US ALUMINUM DEMAND ALERT. POSITIVE BUT NO GAME CHANGER: US infrastructure stimulus not so relevant for US aluminum demand.

4. RERUN: US PFA ALERT. RALLY RESUMES: US spot PFA upcharge gaps up amid silicon crisis.

5. LME Cash–3M backwardation has emerged, bearish for P1020 spot premiums.

More details in full report.