LME price near seven-month lows; Contracting demand widens US scrap spreads to three-year highs

1. LME price still hovering around the $.. per mton zone. Prices remain vulnerable to a bearish breakout that would target $… -$… per mton.

2. China’s aluminum prices stuck at the low end of their multimonth trading range.

3. ALERT! – US 6063 SCRAP. WIDEST SINCE 2019: No tightening for US extrusion scrap spreads in sight.

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4. LME Cash-3M contango narrows but remains supportive of cash-and-carry deals for the most competitive players.