1. LME price rises to the multi-year resistance zone of $2,700 per mton, as the EU moves toward banning Russian aluminum in one year.
LME Cash aluminum prices closed at a new eight-month high of $… per mton, up 0.6% or $… per mton from yesterday. Prices were bolstered by reports that the European Union is set to formally announce a phased ban on Russian aluminum imports on Monday, including a…
2. RERUN: ALERT! – US ROLLING MILL. MORE PRICE INCREASES ANNOUNCED: Jump in US conversion prices from multiple US mills.
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3. LME nearby tightness persists; far-end spreads in backwardation for the first time in two years (bearish P1020 premiums).
The Cash-3M backwardation eased to $… per mton from $… per mton previously. The Cash-March backwardation eased to $… per mton from $… per mton, while March–April backwardation eased slightly to…
4. China’s aluminum prices rise amid expectations of EU restrictions on Russian aluminum.
SHFE front-month aluminum prices closed today’s session up 0.3% at… yuan per mton. Prices extended gains in after-hours, reaching… yuan per mton, supported by higher LME prices after reports that the European Union could announce next week a phased ban on Russian aluminum. Nevertheless…