1. LME price retreats 2% as bear market rally loses momentum. Technical resistance holds within the $… per mton zone as anticipated.
2. RERUN: ALERT! – LME PRICE & WORLD PREMIUMS. LME looks to assess consumer appetite for Russian metal.
For more details regarding our view of the potential market consequences of the LME self-sanctioning Russian aluminum, please see our Special Analysis issued on September 30.
3. EUROPE SCRAP ALERT. MORE DEMAND DESTRUCTION: Some consumers are reneging on scrap contracts.
For more details, please subscribe to our specialized Europe Scrap Intelligence Report.
4. The Shanghai Futures Exchange (SHFE) was closed today due to China’s National Day holiday. Trading will resume on Monday, October 10.
5. LME Cash–3M spread now in backwardation as conditions tighten sharply ahead of November.