No confirmation yet of potential production cuts in China, Bearish signal on LME's forward curve, LME prices up
1. LME prices practically reached our $2,375 per mton resistance target, while there has been no confirmation of rumors regarding potential primary production cuts in China.
2. Backwardation emerges at far end of the curve amid heavy producer selling (bearish LME price signal).
3. US UBC ALERT. RECORD DISCOUNTS: UBC discounts widen to 50 cent/lb and boost mill profitability. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.
More details in full report.