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Aluminum Premiums Outlook Update (February 3, 2020)

Executive Summary

1. US MW P1020 PREMIUM ALERT. MW premium falls further with some term deals at... cent/lb equivalent; four US smelters seen under water. (From January 30).

2. EUROPEAN BILLET UPDATE. Consumers and suppliers seem to share the view that the market may have bottomed out; no big recovery expected short term. (From January 30).

3. EUROPEAN P1020 ALERT. European duty-paid P1020 premium supported at a one- year high; limited upside seen amid lower LME prices and easing load-out queues. (From January 31).