1. LME Cash price rebounds by 1.0% but holds at the upper end of HARBOR’s identified “value” zone for buyers.
LME Cash aluminum prices closed today at $… per mton, up 1.0% or $… per mton from yesterday. Meanwhile, LME 3M aluminum prices increased today by 0.7%, closing at $… per mton. Aluminum prices were supported by technical buying and better-than-expected US manufacturing activity data for April. The ISM Manufacturing Index fell to 48.7 from 49.0 in March, indicating a sharper m/m contraction in US activity but…
2. LME Cash-3M contango shrinks to one-month lows amid May and July tightness.
The Cash-3M contango narrowed to a one-month low of $… per mton (a 3.0% annualized yield) from $… per mton yesterday, as tightness continued intensifying through July. While the May–June contango narrowed to $…
3. The Shanghai Futures Exchange (SHFE) was closed today due China’s International Workers’ Day holiday. Trading will resume on Tuesday, May 6, 2025.