US spot billet upcharge reaches new record high; LME prices test resistance at $… per mton; LME forward curve remains bearish P1020 premiums

1. LME prices rise toward interim technical resistance at $… per mton. Door still open for a short-term revisit of $… per mton.

2. US BILLET ALERT. TWO NEW RECORDS: US spot billet reaches… c/lb, three more presses come online in 2022.

3. ALUMINUM PRODUCTION ALERT. RECORD ALUMINUM PRODUCTION: Vedanta increases production by… mton, another… mtpy on the way.

4. GREEN ALUMINUM MONITOR: Matalco becomes world’s largest Super-Green billet supplier.

For more details, please see our full “Green Aluminum Monitor” released yesterday.

5. China’s aluminum prices continue to face resistance at two-month highs.

6. LME Cash–3M contango widens as backwardation dissipates (still unsupportive for P1020 premiums).

More details in full report.