LME price tests key support and closes week above it; Brazil P1020 premiums up as economy restarts
June 12, 2020
US CANSHEET ALERT.
Executive Summary
1. As expected, LME prices tested support at $1,580 per mton and closed week above it.
2. Wider longer-term LME contangos suggest consumer buying.
3. BRAZIL ALUMINUM ALERT. Brazil’s P1020 premium increases amid decline in domestic availability and return of economic activity from a low base.
4. US CANSHEET ALERT. Can demand exceeds US capacity, can makers building more lines as imports grow from farther away. To see our full US FRP Market Intel please subscribe to our specialized US Aluminum Rolled Products Intelligence Report.
5. China's aluminum prices hold above technical support, still experiencing biggest rally in eight weeks.
More details in full report.