LME prices testing technical resistance zone; US spot billet upcharge off its peak
February 16, 2022
US BILLET ALERT.
1. LME prices close inside the key $... per mton resistance range.
2. LME Cash–3M backwardation intensifies again toward a three-year high, as the nearby short-squeeze continues.
3. RERUN: US BILLET ALERT. OFF THE PEAK: US spot billet upcharge declines sharply for the first time in 9 months.
4. China’s aluminum prices rise but have yet to confirm a new upside target
5. CHINA ALUMINUM ALERT. LIFTED LOCKDOWN: China’s Baise lifts most lockdown measures.
More details in full report.