1. LME PRICE ALERT. BEARISH CICLICALITY AHEAD: Cooling demand growth bearish for LME prices, but not until Russian psychological boost fades.
2. LME prices remain well supported despite softer manufacturing data; technically continue to target a revisit of $… per mton.
3. SHFE aluminum prices down to a one-week low amid demand concerns.
4. US BILLET ALERT. 500 KMTON OF NEW SECONDARY BILLET EXPANSIONS: Hydro to build new secondary billet plant in Michigan by…
5. EUROPE PFA ALERT. HIGHER AHEAD: PFA spot and 2022 contractual premiums seen vulnerable to spike.
6. RERUN: ALUMINUM PREMIUMS ALERT. MARKET IGNORING LIKELY RUSSIAN EXPORT TAX IMPACT: MW and Rotterdam forward curves offer strategic value even if tax is suspended.
For more details, please see our new “ALERT-ALUMINUM PREMIUMS” released earlier today.
7. LME backwardation at the far end of the curve remains steep, Cash–3M contango still relatively wide.
More details in full report.