US spot billet premium gaps down; LME prices close above $... per mton while bearishness increases
1. LME price closed above $... per mton, technicals remain bearish.
2. CHINA ALUMINUM ALERT. SURPLUS NEVERTHELESS: China’s Yunnan will expand aluminum production by... million mtpy in Q4 despite low water levels.
3. US BILLET ALERT. GAPS DOWN: US spot billet premiums decline to... cent/lb; further pressure seen ahead.
4. China’s aluminum prices fall despite some smelters temporarily reducing production.
5. LME Cash–3M contango narrows slightly from eight-week highs amid a persisting tightness ahead of November.