LME Contango widens as signs of oversupply increase; LME prices pressured down by Fed tightening

1. LME prices closed lower ahead of today’s Federal Reserve decision. Fed expects unemployment and demand to deteriorate in 2023 as it further hikes rates above… % (bearish LME prices).

2. LME Cash–3M contango widens to fresh seven-year high amid growing primary aluminum oversupply conditions.

3. RERUN: ALERT! – GREEN ALUMINUM. UNTIL 2026 IF IT HAPPENS: Europe carbon tax on non-green aluminum imports no sooner than 2026.

For more details, please subscribe to HARBOR’s specialized “Green Aluminum Monitor Report.”

4. China’s aluminum price still capped by medium-term technical resistance.