LME prices up but still below key $1,740 per mton level; April–May LME backwardation intensifies
March 5, 2020
Executive Summary
1. LME prices were up despite volatile market sentiment; resistance stands at... per mton and key support remains at... per mton.
2. LME April–May backwardation steepens; Cash–3M contango tightest in five weeks (unsupportive for spot premiums).
3. CME MW duty-paid financials for H2 2020 down to a three-week low of... cent/lb.
4. China’s aluminum prices resume downward momentum, could confirm another leg down this week.
More details in full report.