LME prices rally to a three-month high; Cash–3M backwardation spikes; Japan likely to remain subject to Section 232 Tariff

1. LME price climbs 2% amid Chinese rally and short-term bullish supply-side concerns.

2. China’s aluminum prices rise to a three-and-a-half-month high.

3. SECTION 232 UPDATE. JAPAN NOT EXEMPTED: US imports of aluminum products from Japan are expected to remain subject to Section 232 Tariffs of 10%.

4. LME Cash–3M backwardation spikes to $… per mton, the sharpest since 2018 (bearish for P1020 spot premiums).

5. US OLD CAST SCRAP ALERT. OLD SCRAP PRICES UP: US secondaries looking for prompt-delivery scrap units.

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More details in full report.