LME Aluminum Tightness is Back

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Tightness has returned to the London Metal Exchange (LME) aluminum spreads.

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The focus point this time around is the December-January spread, which flared into $25 per ton backwardation late last week.

That was acute enough to pull the full benchmark cash-to-3-months period into the widest backwardation since December 2012.

On Tuesday, November 4, the 3-month price of aluminum experienced the biggest change, rising 0.3% on the LME to $2,042 per metric ton. After a 0.2% increase, the cash price of primary Indian aluminum finished the day at INR 126.85 ($2.07) per kilogram. The cash price of primary aluminum steadied at $2,056 per metric ton following two-days of increases on the LME.

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Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap saw essentially no change for the fifth day in a row, remaining around CNY 12,250 ($1,995) per metric ton. For the fifth consecutive day, the price of Chinese aluminum billet held flat at CNY 13,590 ($2,213) per metric ton. The price of Chinese aluminum bar remained essentially flat at CNY 14,200 ($2,312) per metric ton. The cash price of Chinese aluminum continues hovering around CNY 13,960 ($2,273) per metric ton for the fifth day in a row.

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