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

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.

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

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

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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.