February 2, 2022
HARBOR FIRST ALERT.
1. LME prices down to fresh two-week low amid weaker manufacturing data and end of Fed’s balance sheet expansion. Support at $3,000 per mton has been jeopardized.
2. HARBOR FIRST ALERT. Rusal America announces to customers real-time tracking of shipments service via Waybridge.
3. The Shanghai Futures Exchange (SHFE) was closed today due to the weeklong Lunar New Year holiday. Trading will resume on Monday, February 7.
4. LME Cash–3M backwardation intensifies amid tighter conditions for February–April (bearish for P1020 spot premiums).
More details in full report.