LME price rebounds above $… per mton with weaker technicals; War inflation continues for European P1020 premiums

1. LME prices bounced back after reaching a one-month low yesterday. Technically, the door remains open for $3,000 per mton.

2. China’s aluminum prices rise to a one-week high.

3. EUROPEAN P1020 ALERT. WAR NFLATION CONTINUES: European P1020 premiums rise to record highs, as some participants avoid conflicted units.

4. LME Cash–3M contango narrows amid tighter conditions after May, no longer supportive for spot P1020 premiums.

5. US SCRAP ALERT. SELLING OFF: Scrap dealers letting material go as MWTP falls and cash flows bite.

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