1. LME price up 21% or $… per mton since rally started.
LME Cash aluminum prices closed today at a three-year high of $… per mton, rising by… % or $… per mton from yesterday, hitting levels not seen since June 2022. As a result, LME Cash prices are up 21% or $… per mton since April’s low of $2,275 per mton, rallying over the past eight consecutive sessions as aluminum market sentiment continues to improve on early signs of manufacturing activity shifting toward expansion, growing expectations of…
2. LME Cash-3M spread returns to backwardation as conditions tighten through December.
The Cash-3M spread tightened to a backwardation of $… per mton, from yesterday’s $…per mton contango. The Cash–October contango narrowed to…
3. UPDATE! – SMELTING PROFITABILITY. VERY PROFITABLE: World smelting profitability at 2X its historical average.
For more details on primary aluminum production costs, realized prices, and profitability, subscribe to HARBOR’s “Aluminum Smelting Cost Curve” report.
4. The Shanghai Futures Exchange (SHFE) was closed today due to China’s National Day weeklong holiday. Trading will resume on Thursday, October 9.