LME price up from two-week lows; Cash-3M backwardation emerges; European scrap demand still muted

Note: HARBOR’s Daily Aluminum Commentary will not be published on Monday, May 1, as the LME will be closed due to a Bank Holiday in the UK.

1. LME prices rebound on Friday, trimming weekly/monthly losses; HARBOR continues to see a predominant short-term trading range of $… per mton.

2. China’s aluminum prices regain some ground after testing two-week lows.

3. ALERT! – EUROPEAN SCRAP AND SECONDARY. DOWNWARD SPIRAL: D226 and European twitch prices fall to new multi-month lows.

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4. LME Cash–3M spread turns into a double-digit backwardation as May-June conditions tighten sharply (bearish P1020 spot premiums).