1. LME prices trade around the $2,500 per mton resistance zone, ahead of tomorrow’s Fed interest rate decision. Interest rate-cutting cycles have been historically bearish for LME prices.
LME Cash aluminum prices closed today’s session at $2,513 per mton, down 0.2%…
2. ALERT! – BRAZIL. LAGGED RALLY: Brazil’s P1020 and billet premiums up, oversupply lingers.
Brazil’s P1020 duty-paid premiums for small orders increases as…
3. ALERT! – US HG TURNINGS. TWENTY-WEEK LOWS: Turnings prices fall with demand.
For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.
4. ALERT! – MEXICO UBC MARKET. TWO TALES: Mexico’s Central hub is paying higher prices for UBCs.
For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.
5. LME Cash-3M contango remains tight as October-November backwardation continues to intensify (bearish premiums).
The Cash-3M contango widened marginally to $11.03 per mton (a 1.8% annualized yield) from Monday’s three-week low of $10.62 per mton, although…
6. The Shanghai Futures Exchange (SHFE) was closed today due to China’s mid-autumn holiday. Trading will resume tomorrow.