1. LME prices have plunged by $200 per mton in two weeks, technically validating an ongoing correction targeting the $2,200-2,100 per mton zone.
LME 3M aluminum prices closed the session down 1.5% or $37 per mton, at…
2. China’s aluminum prices fell to new three-week lows, approaching 19,000 yuan per mton.
SHFE front-month aluminum prices ended the session down 1.1% at…
3. ALERT! – EUROPEAN BILLET. RETURN OF THE BEAR: EU spot billet premiums decline for first time in 2024.
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4. ALERT! – EUROPE UBC. NOT RECEDING: Mills accepting lower quality UBCs as tightness persists.
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5. LME Cash–3M contango remains unattractive for inventory financing as the October backwardation persists (bearish premiums).
The Cash-3M contango closed the week widening to $20.73 per mton…