LME price rallies amid bets Fed will cut rates next, underlying bearish trend unchanged; contango widens

1. ALERT! – LME PRICE. LME price bounces $62 per mton amid US interest rate cut expectations. Nevertheless, we continue to see lagged effects of high interest rates and demand contraction as key bearish drivers for LME prices in 2024..  

2. China’s aluminum price rises to two-week highs

3. ALERT! – EUROPEAN P1020. YEAR-END LULL: European P1020 duty-paid premium trades sideways ahead of holiday season.

4. ALERT! – US CLASS 1 & 3 SCRAP. A BUMP ON THE ROAD: US class scrap spreads tighten as one consumer steps into the spot market.

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    5. LME Cash-3M contango widens again towards multi-month highs amid metal surplus.