LME prices range-trade with downward bias; Backwardation behind fresh LME buildups

1. LME prices down this week, still supported by $... per mton threshold.

2. China’s aluminum prices unable to regain upward momentum.

3. EUROPEAN ALUMINUM ALERT. Trimet seen cutting production amid spike in energy prices.

4. CANADA LOGISTICS UPDATE. RELIEF IN SIGHT: New extended wharf now open at Kitimat.

5. EUROPEAN SCRAP ALERT. SCANT ACTIVITY: Some players have already halted operations.

To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report

6. MEXICO SCRAP ALERT. MIXED TRENDS: Demand still on for extrusion scrap, old sheet and MLCs; No appetite for old cast nor UBCs.

Demand for old sheet units increased this week mainly in the Northeast and Jalisco hubs. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.

7. LME backwardation behind fresh inventory buildups; December-January “back” intensifies again (bearish for P1020 premiums).

More details in full report.