LME prices hold above key level, but prices in China decline to three-month lows
1. LME price drops amid thin volumes and a lack of optimism about demand conditions in early 2025.
LME Cash aluminum prices closed the session down 0.2% or $5 per mton, at $… per mton. Aluminum and the rest of the base metals complex experienced losses amid thin trading volume, market talk of…
2. China’s aluminum price remains at three-month lows, targeting… yuan per mton.
SHFE front-month prices closed today’s session unchanged at… yuan per mton, holding at three-month lows. Prices briefly tested intraday highs of…
3. LME far-end contangos tighten towards two-year lows, Cash-3M contango remains uneconomic (bearish P1020 premiums).
The Cash-3M contango tightened to $… per mton (a 4.2% annualized yield) from $… per mton on Friday amid tighter conditions ahead of February. The January–February contango tightened to…