LME inventories up in November the most in eight years; Brazil’s demand and P1020 premiums depressed

 

Executive Summary

1. LME INVENTORIES UPDATE. LME aluminum inventories experiencing their largest monthly surge in eight years amid steep nearby backwardations and a surplus in Western World primary aluminum market.

2. LME prices continue to range-trade around the $1,740 per mton threshold.

3. LME Cash–3M backwardation eases, but December–January tightness remains considerable (bearish spot premiums).

4. BRAZIL P1020 ALERT. Domestic producers long and looking for exports amid depressed local market demand and a weak currency.

5. BAUXITE ALERT. EGA to supply bauxite to Xinfa from its Guinean mine.

6. China’s aluminum prices remain stuck within the 200-day moving average zone.

More details in full report.

 

Request a Sample

Previous Article Billet premiums fall in the US and Europe; APEX Act gains further traction Next Article World Primary Aluminum Production Growth to Accelerate by 9X in 2020
icon-angle icon-bars icon-times