LME price down and below resistance at $…per mton; Waning momentum for Europe’s P1020 spot premiums

1. LME prices fell today and continued to trade below $… per mton amid lack of demand and strong US dollar; higher energy prices somewhat supportive.

2. China’s aluminum prices face resistance near one-week highs.

3. EUROPEAN P1020 ALERT. MOMENTUM WANING: European P1020 premiums up but headwinds emerge.

4. LME Cash–3M contango narrows slightly but remains nearly the widest since October 2020.