1. LME prices could technically confirm a bullish breakout above the $2,500 per mton zone tomorrow, which would open the door for a $2,500-2,750 per mton trading range.
LME 3M aluminum prices closed today at a new four-week high of $… per mton, up $… per mton from yesterday. Technically, LME 3M prices settled just above their 200-day exponential moving average, currently around $…
2. China’s aluminum prices climb to two-month highs, open new upside target of… yuan per mton zone ($… per mton, ex VAT).
Prices rallied on a weaker US dollar and renewed US-China trade optimism. SHFE front-month aluminum closed today’s session up 1.5% at… yuan per mton ($… per mton, ex VAT), marking a fresh two-month closing high. Prices extended gains in…
3. LME Cash-3M backwardation persists amid June-July tightness (bearish P1020 premiums).
The Cash-3M backwardation narrowed to $… per mton from $… per mton yesterday amid loosening conditions ahead of the July prompt date. The Cash-June contango tightened to $…