US spot billet upcharge reaches new record high; LME prices test resistance at $... per mton; LME forward curve remains bearish P1020 premiums
January 4, 2022
US BILLET ALERT.
1. LME prices rise toward interim technical resistance at $... per mton. Door still open for a short-term revisit of $... per mton.
2. US BILLET ALERT. TWO NEW RECORDS: US spot billet reaches... c/lb, three more presses come online in 2022.
3. ALUMINUM PRODUCTION ALERT. RECORD ALUMINUM PRODUCTION: Vedanta increases production by... mton, another... mtpy on the way.
4. GREEN ALUMINUM MONITOR: Matalco becomes world’s largest Super-Green billet supplier.
For more details, please see our full “Green Aluminum Monitor” released yesterday.
5. China’s aluminum prices continue to face resistance at two-month highs.
6. LME Cash–3M contango widens as backwardation dissipates (still unsupportive for P1020 premiums).
More details in full report.