1. LME 3M aluminum prices climbed to as high as $… per mton today, further approaching our next $… per mton target zone.
LME 3M aluminum rallied as high as $… per mton, before closing the session at $… per mton, up $… per mton from yesterday. Prices tested fresh three-and-a-half-year highs early in the session supported by bullish…
We expect LME prices in 2026 to average $… per mton, as discussed in more detail in our Aluminum Price Outlook Report issued on October 22.
2. SPECIAL ALERT! – EUROPEAN EXTRUSION SCRAP. HEADWINDS AHEAD: Scrap covered for now; P1020 and scrap poised to rise.
Extrusion scrap inventories have steadily improved following the tightness that dominated the first half of 2025. Softer extrusion demand and growing appetite for offshore billets have eased scrap requirements heading into year-end. However, European P1020 supply is set to tighten, especially for low-carbon units, fueling concerns over pricing and availability in 2026.
3. LME Cash-3M spread returns to contango; far-end spreads tighten to seven-month lows.
The Cash-3M spread closed in contango for the first time in three weeks. The Cash-3M spread eased to a $… per mton contango from yesterday’s backwardation of $… per mton. The Cash-November backwardation continued easing to $…
4. China’s aluminum prices rise and continue to consolidate within HARBOR’s target zone.
Prices increased amid growing trade optimism. SHFE front-month aluminum prices closed today’s session marginally up at… yuan per mton ($… per mton, ex-VAT), before extending gains in after-hours trading to… yuan per mton ($… per mton, ex-VAT). Prices approached recent eleven-month highs amid…