LME price down… % as short-term rally reverses; Cash–3M contango widest in two years

1. LME prices fell today by $… per mton or… % amid demand concerns, aggressive monetary tightening fears, falling oil prices, and a lingering physical aluminum oversupply.

2. LME Cash–3M contango at the widest spread since 2015 amid oversupply conditions.

3. China’s aluminum prices hold below medium-term technical resistance.

4. ALERT! – EUROPE SLAB. WEAKENING SLAB MARKET. Weakening FRP demand and ample open slab capacity.

5. ALERT! – BRAZIL. DECLINE RESUMES. Brazil’s spot P1020 and billet premiums down amid demand contraction and oversupply.

6. ALERT! – EUROPEAN P1020. FOUR-MONTH HIGHS: European P1020 duty-paid premiums inching higher.