Market testing key LME price support; Biden not expected to remove Section 232 Tariffs
February 1, 2021
MW PREMIUM ALERT.
1. LME price falls below $... per mton. Breach confirmation tomorrow could trigger visit to $... per mton.
2. LME canceled warrants spike again in Malaysia; load-out queues could lengthen again (premium supportive).
3. MW PREMIUM ALERT. Biden likely to keep Section 232 Tariffs as they are.
4. LME Cash–3M backwardation eases marginally but nearby squeeze continues.
5. China’s aluminum prices up to three-week high above... yuan per mton.
More details in full report.