1. LME prices reversed gains amid thin volumes and profit-taking selling near $2,500 per mton.
LME 3M aluminum prices closed unchanged at $… per mton. Meanwhile, LME Cash prices fell by $… per mton to $… per mton amid easing tightness in LME nearby spreads, widening the Cash-3M contango to $… per mton (a nearly two-week high). Aluminum prices tested an intraday high of $…
2. ALERT! – US ROLLING MILL. REALITY SETS IN: US Finstock prices spike on declining supply.
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3. ALERT! – ALUMINA PRICE. 11-WEEK HIGH: Alumina price reaches $400 per mton.
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4. ALERT! – BRAZIL. IMPROVED SUPPLY: Brazil’s P1020 production rising, premiums maintain ranges.
Domestic P1020 demand relatively stable, while rising production and lower exports are increasing Brazil’s P1020 supply. Spot premiums fluctuating within range.
5. LME Cash-3M contango widens to one-week highs, still below breakeven for inventory financing deals (bearish P1020 premiums).
The Cash-3M contango widened to a one-week high of $… per mton from $… per mton yesterday. The Cash-June backwardation narrowed to $… per mton from $… per mton previously, while the June-July contango widened to $…
6. China’s aluminum prices continue hovering around technical resistance levels.
SHFE front-month aluminum closed up 0.5% at… yuan per mton ($… per mton, ex VAT). Prices climbed from yesterday’s one-week lows, supported by higher alumina prices amid bauxite supply concerns…