October 3, 2022
1. LME prices rallied to one-week highs after posting bearish monthly/quarterly closes last Friday. Bearish momentum continues while world demand contracted in September.
2. RERUN: ALERT! – LME PRICE & WORLD PREMIUMS. LME’s discussion paper and banning of conflict units could disrupt aluminum market order, accelerate plunge in aluminum prices and premiums, and alter the competitive landscape of exchanges.
3. EUROPE WIRE ROD ALERT. BULLISH EXCEPTION: EC rod 2023 premiums and green upcharge spike.
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 contango in single digits amid a persisting backwardation in late October.