1. LME price falls 1.3% w/w but closes week above $2,500-2,550 per mton support zone.
LME Cash aluminum prices closed the session up 2.5% or $62 per mton, at $…
2. China’s aluminum prices remain supported by economic stimulus hopes.
SHFE front-month aluminum closed the session down 0.7% at…
3. ALERT! – MEGA. Vedanta to build mega smelter and refinery.
Vedanta has announced plans to invest $… to build a 3 million mtpy primary aluminum smelter and a 6 million mtpy alumina refinery in India…
4. ALERT! – EUROPEAN BILLET. NO CONFIDENCE ON OUTLOOK: Billet demand not looking good, bearish pressure rising.
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5. ALERT! – EUROPE SCRAP. PLUMMETING DEMAND: More output cuts, consumers delay October volumes.
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6. ALERT! – ADC12 ALLOY. DULL DEMAND: ADC12 spot sales thin, even as prices nudge up.
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7. RERUN: ALERT! – US COMMON ALLOY. US 3105 & 5052 SPOT PRICES FALL FURTHER: US DC mills cut pricing further, foreign mills’ prices pressured out of the market.
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8. LME Cash–3M contango widens sharply this week but remains unattractive for inventory financing (bearish P1020 premiums).
The Cash-3M contango closed the week at $… per mton (a 5.3% annualized yield), narrowing from $…