LME price breaks below $... per mton as anticipated; More signs of US end-user demand contraction
1. LME PRICE UPDATE. LME prices plunge to as low as $... per mton today, reaching fresh 11-month lows. The door for a sooner-than-expected visit to $... per mton could open as soon as tomorrow.
2. ALERT! US ALUMINUM DEMAND. Incoming economic data continues to be consistent with a US economic cyclical slowdown. HARBOR’s leading indicators suggest demand contraction lies ahead.
3. US ALUMINUM SCRAP ALERT. REAL BEARISHNESS: US scrap discounts widen despite plummeting MWTP.
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4. China’s aluminum prices retreat toward a six-month low.
5. LME far end spreads turn to contango for the first time in a year; spreads at the front end of the curve narrow.