LME price up to interim resistance zone; Bearish clouds emerging for the US EC rod market
April 13, 2023
ALERT! – US WIRE ROD.
1. LME price climbs toward interim resistance zone of $... per mton amid US dollar weakness; predominant short-term range-trading zone seen at $... per mton.
2. China’s aluminum prices once again test short-term resistance levels.
3. ALERT! – US WIRE ROD. BEARISH CLOUDS: US EC rod demand remains strong, bearishness emerging.
4. ALERT! – EUROPEAN BILLET. Q3 GETTING MORE EXPENSIVE: European spot, May and June trading at $... per mton, Q3 at $... per mton.
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5. LME Cash–3M contango narrows to a two-month low amid tightness ahead of April’s third-Wednesday.