October 29, 2024
1. LME prices rise but remain unable to test the $2,700-2,750 per mton key cyclical resistance zone.
LME Cash aluminum prices closed the session at $… per mton, up 0.6% or $16 per mton from yesterday. LME 3M aluminum prices reached intraday levels as high as $…
2. China’s aluminum prices fall as domestic demand concerns linger.
Prices continued facing downward pressure amid a lukewarm demand outlook. SHFE front-month aluminum prices closed lower by…
3. LME far-end contangos tighten to new six-month lows (signaling producer selling), Cash–3M contango unsupportive for cash-and-carry transactions.
The Cash-3M contango narrowed to $… per mton (a 4.9% annualized yield) from yesterday’s two-week high of $…