LME price unwinding previous rally; US 2024 billet premiums continue to fall
1. LME prices fall further amid demand contraction and lower oil prices.
2. China’s aluminum price retraces to one-week lows.
3. ALERT! – US BILLET. SUPPLIER COMPETITION INTENSIFIES: 2024 offered and concluded billet premiums fall further.
4. ALERT! – US ZORBA. IN FLUX: US zorba prices increase but still near trough.
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5. UPDATE! – WORLD SMELTING PRODUCTION COST. BEARISH ENERGY PRICES: Lower energy costs keep smelting costs at multi-year lows.
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6. LME Cash-3M contango tightens and remains uneconomic for cash-and-carry deals (bearish premiums).