LME price stuck around $2,500 per mton; EU’s carbon border tax mechanism potentially bullish but not for now
1. LME prices fell amid thin volumes and persistent technical selling above $2,500 per mton; uncertainty related to the Russia export tax remains supportive.
2. SHFE aluminum prices facing technical resistance at two-month highs.
3. CARBON BORDER TAX ANALYSIS. POTENTIALLY BULLISH…BUT NOT FOR NOW: EU Proposes Carbon Border Tax on Aluminum From 2026.
For more details, please see our “Carbon Border Tax Analysis” released earlier today.
4. US ALUMINUM SCRAP ALERT. APPETITE FOR SEGREGATED SCRAP: US consumers are looking for prompt units of 3003 and 1070 scrap. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.
5. LME Cash–3M contango at its widest in almost two weeks amid loose July–August conditions.
More details in full report.