LME price down amid further demand contraction

1. LME price retreats toward $… per mton, the midpoint of their ten-month-old predominant range.

2. China’s aluminum price testing again levels below 19,000 yuan per mton.

3. US UBC & CLASS SCRAP. WINTER SQUEEZE: Class scrap prices as % of MWTP rise to 21-month highs.

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4. LME Cash-3M contango widens further (bearish P1020 premiums).