US spot billet premium gaps down; LME prices close above $… per mton while bearishness increases

1. LME price closed above $… per mton, technicals remain bearish.

2. CHINA ALUMINUM ALERT. SURPLUS NEVERTHELESS: China’s Yunnan will expand aluminum production by… million mtpy in Q4 despite low water levels.

3. US BILLET ALERT. GAPS DOWN: US spot billet premiums decline to… cent/lb; further pressure seen ahead.

4. China’s aluminum prices fall despite some smelters temporarily reducing production.

5. LME Cash–3M contango narrows slightly from eight-week highs amid a persisting tightness ahead of November.