Orders to withdraw metal spike in LME Asia; LME price range-trading continues; Brazil billet premiums jump

October 6, 2020

BRAZIL BILLET ALERT.

1. LME prices fail to sustain a two-week intraday high and close down today; remain vulnerable to a fall toward $... per mton.

2. LME aluminum warrant cancelations spike in Asia; lengthening loadout queues could further support P1020 premiums.

3. Cash–3M contango narrows to a three-month low amid increasing tightness ahead of January 2021 (still supportive for spot P1020 premiums).

4. NORTH AMERICA PFA ALERT. Foundry demand recovery well under way, but 2021 contract PFA premiums are staying flat y/y at... cent/lb.

5. BRAZIL BILLET ALERT. CIF billet premiums jump to $... per mton on stronger demand and tightening supply.

6. HARBOR’s Green Aluminum Upcharge assessed at zero.

7. The Shanghai Futures Exchange (SHFE) remains closed due to the weeklong National Day holiday. Trading will resume on Friday, October 9, 2020.

More details in full report.

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