LME price falls $50 per mton after approaching key cyclical resistance zone

1. LME price retreats by 2% or $50 per mton on selling after approaching our identified $2,700 per mton cyclical resistance zone.

LME 3M aluminum prices fell today by 1.8% or $59 per mton, closing at…

2. LME Cash–3M contango widens to double digits as October backwardation eases somewhat (still bearish for P1020 premiums).

The Cash-3M contango widened further to $10.42 per mton…

3. RERUN: SPECIAL ALERT! – US PORT STRIKE. NO BUENO: US port strike will impact certain aluminum imports.

For more details, please see HARBOR’s “SPECIAL ALERT! – US PORT STRIKE” released on Tuesday.

4. The Shanghai Futures Exchange (SHFE) was closed today due to China’s National Day weeklong holiday. Trading will resume on Tuesday, October 8.