1. Yesterday’s LME price rally losses momentum, trading at the midpoint of the prevailing $2,500-2,750 per mton range.
LME Cash aluminum prices closed the session up 0.4% or $… per mton, at $…per mton. Meanwhile, LME 3M prices increased by 0.3% or $… per mton, closing at $… per mton. LME aluminum prices traded today within a narrow range after…
2. ALERT! – US BILLET. BOTTOMING? Spot demand subdued, B&C order intake not deteriorating.
Extruders are no longer pessimistic, while tariff uncertainty weighs on market sentiment, and B&C extrusion demand is no longer deteriorating.
3. LME Cash-3M contango tightens to $1.75 per mton as March-April backwardation steepens (bearish P1020 premiums).
The Cash-3M spread flattened to a nine-month low contango of $.. per mton… from $… per mton previously. Nearby conditions continued to tighten as the March–April backwardation intensified to…
4. The Shanghai Futures Exchange (SHFE) was closed due to China’s week-long New Year holiday. Trading will resume on Wednesday, February 5, 2024.