LME prices stalled near key support; European P1020 premiums steady at five-month lows

1. LME prices unchanged as intraday rallies continue to be sold, technically remain on track to complete a cyclical top formation.

2. China’s aluminum prices stalled near six-month lows, coal price correction remains on.

3. SECTION 232 UPDATE. The US Department of Commerce revised its list of General Approved Exclusions (GAEs) from Section 232 Tariffs on aluminum, removing “other unwrought alloyed”, foil (backed, not decorated), castings and forgings, but keeping alloyed slab as well as, certain extrusions, and some foil and wire products.

4. PREMIUM PLATEAU: Europe P1020 premiums unchanged at five-month lows.

5. LME December-January tightness remains steep (bearish for P1020 premiums); spreads loosen for Q1 2022.

More details in full report.