LME prices inch up while world manufacturing cools further; Skyrocketing US 2022 contractual billet premiums
1. LME prices close up and still above $...per mton while world demand momentum cools further.
2. SHFE aluminum prices test resistance near fifteen-year highs.
3. US BILLET ALERT. SKYROCKETING: US 2022 contractual billet premiums tripling y/y to as high as... cent/lb.
4. EUROPE SLAB ALERT. EUROPEAN SLAB SQUEEZE TO EXACERBATE: San Ciprian’s labor strike set to squeeze an already tight European slab supply (bullish premiums).
5. LME Cash-3M contango widens as December tightness recedes; longer-term backwardations intensify further.
More details in full report.