1. LME prices extend their short-term correction, reaching new multi-week lows and further approaching HARBOR’s short-term bearish target of $… per mton.
2. RERUN: ALERT! – LME PRICE. As we correctly anticipated again, the sanctions packages announced today by the US and the European Union do not include any new restrictions on Russian primary or semi-finished aluminum products. LME aluminum prices continue to target $2,100 per mton in the short term.
For more details, please see HARBOR’s “ALERT! – LME Price” released on Friday.
3. China’s aluminum price remains stuck around three-week lows.
4. ALERT! – EUROPEAN BILLET. UP AGAIN, BUT UNDERLYING BEARISHNESS PERSIST: European spot, Q2 and Q3 full billet premiums increase, while bearish factors suggest return of weakness ahead.
To see our full European Billet Market Intel and Premiums assessment, subscribe to HARBOR’s specialized “European Billet Intelligence” reports.
5. ALERT & ANALYSIS! – WORLD ALUMINA. TAKE OVER AS CHALLENGING TIMES ARISE: Alcoa to acquire Australia’s Alumina Ltd while China’s structural alumina demand peaks.
For details, subscribe to HARBOR’s specialized “AluminaIntelligence” report.
6. LME Cash-3M contango widens to one-month highs as metal availability grows further.