1. LME prices continue to approach the short-term technical target of $… per mton, reaching today a nearly ten-year closing high.
2. SHFE aluminum prices rebound after testing a one-week low.
3. US MW PREMIUM ALERT. BIGGEST RALLY EVER AHEAD? MW spot premiums gap higher on News of Russian export tax.
4. RERUN: LME PRICE ALERT. BEARISH CICLICALITY AHEAD: Cooling demand growth bearish for LME prices but not until Russian psychological boost fades.
For more details, please see our full “LME PRICE ALERT” released yesterday, July 1.
5. MW PREMIUM UPDATE: NO RESTRAINT: Canada’s P1020 exports to the US ease in June but remain elevated and way above exceed quota.
For more details, please see our full “MW Premium Update” released earlier today.
6. EUROPEAN P1020 ALERT. RUSSIAN EXPORT TAX IMPACT: Rotterdam premiums rise to fresh six-year highs.
7. EUROPEAN BILLET UPDATE. SKYROCKETING: European spot and Q4 billet premiums jump to $… To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.
8. EUROPEAN SCRAP MARKET. EXTRUSION SCRAP SCARCITY: Units not available despite higher prices. To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.
9. EUROPEAN ROLLING MILL ALERT. NOT ENOUGH – CANSHEET TIGHTENING FURTHER: European cansheet producer having production issues, output below expectations. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.
10. MEXICO FRP ALERT. Cuprum ’s service centers bought by National Materials of Mexico. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.
11. GREEN ALUMINUM MONITOR: UPPING AND EXTENDING THE PUNISHMENT FOR EMISSIONS: Even China may include aluminum in a national emission trading system.
For more details, please see our “Green Aluminum Monitor” released earlier today.
12. LME nearby contangos still relatively loose, although backwardations intensify after September.
More details in full report.