LME prices up but still below key resistance; Arb to export to China virtually closed
1. LME prices up... % on upbeat manufacturing data and oil price rally, continue to trade within our expected $... per mton resistance zone.
2. ALUMINUM P1020 UPDATE. Arbitrage window to export P1020 units to China virtually closed again, suggesting limited upside for LME prices.
3. WORLD DEMAND UPDATE. World manufacturing activity growth accelerates further in March but shows signs of overheating.
4. LME Cash–3M contango narrows but is still supportive of cash-and-carry deals.
5. SHFE aluminum prices maintain support around yesterday’s lows.
More details in full report.