LME prices now technically targeting $1,680–$1,550; 5052 scrap demand for Q1 2020 delivery strengthens
November 19, 2019
Executive Summary
1. LME PRICE ALERT. LME prices close below key support, technically opens door for $1,680–$1,550 per mton zone.
2. LME December-January "back" continues to intensify amid a high concentration of short positions (bearish spot premiums).
3. HARBOR’s Implicit Green Aluminum Upcharge assessed today at zero, unchanged from yesterday’s assessment.
4. US BARE 5052 SCRAP ALERT. As anticipated, brokers are now aggressively seeking 5052 scrap units for Q1 2020.
5. China’s aluminum prices hold steady, just below expected resistance levels.
More details in full report.