LME prices fall and fail to confirm short term rally toward $… per mton; European slab supply could tighten further

1. LME prices down slightly, unable to confirm a new technical target yet; levels above $… per mton are still seen as hard to sustain for long.

2. SHFE aluminum prices essentially reach last decade’s peak, face some selling pressure afterwards.

3. EUROPE SLAB ALERT. BULLISH SUPPLY CONCERN: San Ciprian uncertainty could further push up spot slab premiums.

4. LME nearby backwardation eases, but tight spreads persist at far end of the curve (bearish LME price signal).

More details in full report.