LME price fails again to break above key resistance; Aluminum excluded from new US sanctions on Russia

 
LME PRICE ALERT.

1. LME PRICE ALERT. LME 3M aluminum prices touch their previous all-time high of $… per mton but fall… % afterward and closed inside its technical resistance zone of $… per mton. After the close and as expected, Biden announced sanctions that exclude Russian aluminum exports.

2. China’s aluminum prices trim gains after testing a two-week high.

3. EUROPE CAN ALERT. FILLERS RETURNING TO GLASS? Some European fillers say they are being forced back to glass.

For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.

4. US 6063 SCRAP ALERT. MORE TIGHTNESS: Discounts for 6063 extrusion scrap remain narrow despite higher MWTP.

For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.

5. US UBC UPDATE. UBC discounts narrow further despite record MWTP.

For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.

6. LME Cash–3M backwardation eases but remain at extreme levels (bearish for P1020 premiums); re-warrantings occur in Asia.

More details in full report.

 

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