May 16, 2023
1. LME prices drop as aluminum demand in China continues to disappoint. Prices remain trading within our identified short-term trading range of $… per mton.
2. China’s aluminum prices still trading at the low end of their multi-month trading range.
3. LME Cash-3M spread returns to contango as May-June backwardation eases slightly (still bearish P1020 spot premiums).