LME prices fall as expected; US spot billet premiums gap-up to a seventeen-month high; LME spreads widen
SPECIAL NOTE: HARBOR’s Daily Aluminum Commentary will not be published tomorrow, Thursday, November 26, due to the Thanksgiving holiday.
1. LME prices fall to one-week lows as the $2,000 per mton mark incentivizes selling; could fall toward $... per mton before rally resumes.
2. US BILLET ALERT. SOLD OUT: US billet premiums gap up to... amid lack of spot availability across regions; rally expected to continue.
3. ALUMINUM PRODUCTION UPDATE. Norsk Hydro officially begins primary production restart of 95 kmtpy in Husnes, Norway.
4. HARBOR’s Green Aluminum Upcharge assessed at zero.
5. LME Cash–3M contango widens to a two-week high on easing December–January tightness (supportive for spot P1020 premiums worldwide).
6. China’s aluminum prices reach a new three-year high but then face profit taking.
More details in full report.