Too Far, Too Fast: Indications of a Correction Ahead
May 14, 2021
1. LME prices spiked to our $... per mton identified target zone, sooner than expected. After an...
2. However, LME prices have rallied too far too fast and appear vulnerable to a short-term correction given: a)...
3. Indeed, LME prices above $... per mton continue to appear fundamentally unsustainable as current...
4. HARBOR and Consensus see lower average prices in H2 2021 and 2022. In our base forecast scenario, we continue to see LME prices...