1. LME price hovers below key… per mton zone, after rallying as much as 10% since April’s low.
LME 3M aluminum prices closed the session up 0.3% or $… per mton, at $… per mton. Prices fell to an intraday low of $… per mton amid increased trade tensions between the US and the European Union but rebounded sharply during…
2. ALERT! – EUROPEAN BILLET. HAVE WE SEEN THE BOTTOM? Low end of European spot billet premiums rises to $…
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3. ALERT! – EUROPEAN EXTRUSION SCRAP. WHERE IS MY SCRAP? Primary scrap tightness continues at multi-year highs.
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4. ALERT! – US SHREDDED SCRAP. THE TABLES HAVE TURNED: 6XXX shred demand perks up as 3XXX cools.
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5. LME Cash-3M contango still in the single digits, making it unattractive for inventory financing deals (bearish P1020 premiums).
The Cash-3M contango closed the week tightening to $6.60 per mton from Thursday’s $7.82 per mton. The June-July contango narrowed to $2.14 per mton from $4.00 per mton, while the July–August contango widened to $3.52 per mton from $3.25 per mton. Nearby contango yields remain unattractive for inventory financing deals.
6. China’s aluminum prices continue to trade near-six-week high levels.
SHFE front-month aluminum closed today’s session marginally down at… yuan per mton ($… per mton, ex VAT), after testing a near-six-week high of…