LME prices down as technicals deteriorate further; European P1020 premium inches up to new six-year high

1. LME prices end week down 3% at three-week lows; correction toward $2,270–$2,200 per mton zone gathers momentum.

2. SHFE aluminum prices extend decline toward three-week lows.

3. EUROPEAN P1020 ALERT. AT SIX-YEAR HIGHS: Rotterdam duty-unpaid inches higher, duty-paid remains unchanged.

4. EUROPEAN SCRAP MARKET. NOT ENOUGH: Scrap tightness bites, extrusion market hit the most. To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.

5. LME Cash–3M spread eases to a $10 per mton contango as backwardations dissipate.

More details in full report.