LME prices biggest quarterly rally in two years; ARZYZ to build a 240 kmtpy secondary smelter; Mexico’s Almexa hires Mike Otero as CEO

Executive Summary

1. LME prices issued a bullish technical signal by closing the month and the quarter with upward technical momentum. Next technical price target remains $1,670 per mton.

2. HARBOR FIRST ALERT. ARZYZ Metals to build a state-of-the-art 240 kmtpy secondary smelter in Monterrey, Mexico.

3. HARBOR FIRST ALERT. Mexico’s Almexa hires Mike Otero as CEO amid plans to more than triple its rolling mill production.

4. US WIRE ROD UPDATE. US wire rod demand set to strengthen further in H2 2020

5. LME Cash–3M contango remains supportive for cash-and-carry deals; nearby backwardation intensifies again as some shorts continue to get squeezed.

6. China’s aluminum prices post their largest quarterly gain on record.

More details in full report.