October 9, 2024
1. LME price drops $120 per mton in two days as speculators continue to rethink China’s stimulus. A breach below technical support at $2,500-2,550 per mton would open the door for $… per mton.
LME Cash aluminum prices closed the session down 1.2% or $30 per mton, at $…per mton. Prices fell to a two-week low today, accumulating a $…
2. China’s aluminum prices pull back further from yesterday’s three-month high.
SHFE front-month aluminum prices closed the session down 0.7% at…
3. LME Cash–3M contango narrows from one-week highs despite further easing in the October backwardation (still bearish P1020 premiums).
The Cash-3M contango narrowed marginally to $… per mton (a 2.5% annualized yield), from yesterday’s one-week high of $…