LME price extends rally to a one-month high while producers sell forward; US energy costs plunge
1. LME price rises for third-consecutive session, approaching expected technical resistance levels around $... per mton.
2. China’s aluminum price struggles to extend rebound as demand remains subdued.
3. ALERT! – US ROLLING MILL. ROUGH START TO 2023: US cansheet market troubled by declining demand and high inventories.
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4. ALERT! – US ALUMINUM. US ENERGY COSTS PLUNGE: Improved smelting profitability for US smelters.
5. RERUN: ALERT! – FREIGHT RATES. CORRECTION ONGOING: Breakbulk and container rates fall to a two-year low; pressure on aluminum premiums to continue.
6. LME Cash–3M contango attractive to incentivize inventory financing at low-cost storage warehouses; producers sell forward.