Tag: Prices

LME aluminum market participants broadly reduced long and short positions during June as prices retreated, although longer-term participation trends remained relatively unchanged.

LME aluminum prices, prompt premiums and the US Midwest Premium have moved lower in June, while exchange inventories continue to decline and remain near five-year lows.

SMU and AMU are pleased to announce that Wells Fargo Managing Director Timna Tanners will be joining us for a Community Chat webinar on Wednesday, June 24, at 11 am ET.

Commercial participation in LME aluminum declined over the past year even as prices increased, inventories tightened and financial market activity expanded.

The LME price for aluminum spiked at the start of the US/Israel war on Iran and has lately hovered around $3,400-$3,600 per ton, not yet breaching $4,000.

In the base metals markets, we had a mixed showing. Tin did best, adding almost 10% on the week on concern about lagging supply.

Hydro's Q1 results show higher prices supporting margins despite weaker North American demand and ongoing Middle East curtailments.

The Iran war has curtailed a market already tight due to curtailments in Mozambique and disruptions in Iceland. Alcoa is increasing production at some facilities.

We expect markets to open on the back foot as we head into the new week. And we would not be surprised to see a good portion of Friday's losses in oil recouped once trading in Asia gets underway.

LME and Midwest premiums are rising, and a conflict in Iran is just one of several challenges the market is facing.