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LME prices fall near $... target; US billet upcharge falls to zero (all-time record low); OEMs cut production


Executive Summary

1. LME PRICE UPDATE. Aluminum LME prices nearly reach below $... per mton, but consumer buying steps in. Losses are likely to resume tomorrow as technicals and fundamentals continue to target $... per mton.

2. US BILLET UPDATE. US spot billet upcharge plummets to zero.

3. US SFA ALERT. Honda announces the first auto production shutdown in North America amid COVID-19 demand impact.

4. CME MW duty-paid financials for H2 2020 plunge to six-week lows of... cent/lb.

5. LME Cash-3M contango and longer-term spreads continue widening as consumer hedging activity continues.

6. China’s aluminum prices reach our ultimate downward target of... yuan per mton, falling below fundamental support levels.

More details in full report.