LME price up but below key resistance zone; Cash-3M backwardation spikes to $… per mton; European EC Rod spot premium gaps up

 

1. LME prices recover part of the ground lost on Friday but remained below the key $… per mton resistance zone. Jury still out on the type and timing of a potential price top formation.

2. LME Cash–3M backwardation spikes to three-year high of $… per mton; bearish pressure on spot P1020 premiums. Expect more inventory buildups.

3. China’s aluminum prices bounce back and continue testing their current resistance zone.

4. EUROPE WIRE ROD ALERT. GAP UP: Short market and strong demand pushes EC rod premiums to as high as… euro.

5. BRAZIL ALUMINUM ALERT. FORCED INCREASE: Brazil’s P1020 premiums rising mainly due to offshore premium pressures.

6. US PFA ALERT. MORE HICCUPS: PFA demand upside momentum limited by lingering auto production issues.

7. US ROLLED PRODUCTS ALERT. Conversion prices set to climb further.

For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.

 

Request a Sample

Previous Article LME price plunges further; Monetary cycle shift deflationary for aluminum Next Article Aluminum Premiums Outlook Update (February 15, 2022)
icon-angle icon-bars icon-times