LME price drops to three-week lows as Fed seen tapering stimulus; LME backwardation steepest in five months

1. LME prices down to short-term technical support (50-day moving average) as US dollar rallies further and commodities sell off.

2. SHFE aluminum prices down to a two-week low below… yuan per mton.

3. LME nearby backwardation steepest in five months amid intense tightness ahead of September.

More details in full report.

4. US SECONDARY ALUMINUM SCRAP ALERT. HOT SCRAP ITEM: Strong demand for clean 6063 scrap. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.