LME price falls below $... per mton; US Section 232 exemption to the UK conditioned
June 1, 2022
ALERT! – SECTION 232.
Note: HARBOR’s Daily Aluminum Commentary will not be published on Thursday and Friday, June 2–3, as the LME will be closed due to Bank Holidays in the UK.
1. LME price down to a fresh five-month-low closing level, further approaching HARBOR’s $... per mton price target (potentially as soon as next week).
2. RERUN: ALERT! – SECTION 232. TAKING A NEW STANCE: US Section 232 exemption to the UK conditioned to non-Russian-and-Chinese primary aluminum content.
3. China’s aluminum prices fall to a two-week low.
4. LME far end backwardation eases to nine-month low; nearby contangos remain wide.