LME prices set to post biggest weekly rally since 2018; Q4 MW duty-paid financials firm up
1. LME prices extend gains toward the key... per mton level as oil price rally continues. Door has been technically opened for further LME price gains.
2. CME MW duty-paid financials for Q4 2020 strengthen to a six-week high.
3. US BILLET UPDATE. US billet demand depression worsened in May; gradual recovery expected from June on.
4. LME Cash–3M contango continues narrowing; warrant holdings remain highly concentrated.
5. China’s aluminum prices reverse gains as technical resistance holds and geopolitical tensions rise.
More details in full report.