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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.