1. LME price retreats after climbing by 6% in the past week, continues to technically target a return to the $… per mton range.
LME 3M aluminum prices closed the session down 1.4% or $… per mton, at $… per mton. Aluminum prices fell amid technical selling at the $… per mton zone, lower oil prices amid signs of progress in US talks with Iran…
2. LME Cash-3M backwardation disappears but tightness persists ahead of next week’s third-Wednesday prompt date.
The Cash-3M spread loosened to a contango of $… per mton from yesterday’s backwardation of $… per mton. Tightness eased marginally ahead of June, with the May–June backwardation settling at…
3. China’s aluminum prices faced technical resistance near six-week highs.
SHFE front-month aluminum closed up 0.4% at … yuan per mton ($… per mton, ex VAT), a new six-week high, after testing an intraday high of… yuan per mton…
4. ALERT! – EUROPEAN EXTRUSION SCRAP. SCRAP OUT, P1020 IN: Secondary producers increase P1020 intake amid tightness.
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