LME prices testing technical resistance zone; US spot billet upcharge off its peak

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.