LME price volatility spikes to level associated with price reversal; North American consumers purchase record amounts of slab from offshore

1. LME PRICE ALERT. VOLATILITY SIGNALING CYCLE PEAK? LME price volatility has spiked to a nine-year high level that in the past has been associated with cycle price reversals.

2. SHFE aluminum prices reach new highs not seen in two decades

3. US SLAB ALERT. CONSUMERS WANT UNITS FROM OFFSHORE: North American consumers purchase record amounts of slab from other countries other than Canada.

4. EUROPE PFA ALERT. PFA SUPPLY AT RISK: As much as 100 kmton of European PFA production at risk due to rising energy costs and Si & Mg crisis.

5. LME backwardations at the back end of the curve intensify to new highs on producer selling.

More details in full report.