LME price down to one-week lows on demand contraction

1. LME price down as short-term technicals deteriorate and demand contraction lingers; pullback toward $… per mton continues to be seen ahead.

2. China’s aluminum prices pull back to one-week lows below their resistance zone.

3. ALERT! – EUROPE WIRE ROD. QUIET: European EC rod spot premiums unchanged.

4. RERUN: ALERT! – US MW PREMIUM – from HARBOR’s Market Intelligence Unit. MORE WEAKNESS: MW premium gaps down again amid oversupply conditions.

For more details, please see HARBOR’s “Alert! US MW Premium” released on Friday.

5. LME Cash–3M contango widens from five-month lows, spreads remain uneconomic for cash-and-carry deals.