LME price falls below $... per mton; MW financials and billet premiums fall
May 12, 2021
US BILLET ALERT.
1. LME prices down to a one-week low of $... per mton as selling predominates. Price action continues to hint at vulnerability to a further sharp short-term correction.
2. SHFE aluminum prices fail again to sustain levels above... yuan per mton.
3. CME MW premium financials down from record highs.
4. US BILLET ALERT. SOME COOL DOWN: US Billet spot upcharge softens to... cent/lb.
5. CHINA SCRAP ALERT: RECYCLING MOMENTUM: Another 500 kmton recycling expansion in China.
6. LME Cash–3M contango narrows but remains supportive for new cash-and-carry deals; backwardations ease at far end of the curve.
More details in full report.