Bullish LME signals continue to be triggered; Backwardation returns for nearby LME spreads
November 2, 2020
US 5052 SCRAP ALERT.
1. LME price rallies to new 19-month high on bullish world manufacturing data; technicals continue to signal $... mton before the end of Q1 2021.
2. CME MW duty-paid premium financials flat at 13.00 cent/lb. Market waiting to see if Canada meets September's export quota.
3. LME Cash–3M spread turns to backwardation for the first time in ten months (bearish for premiums).
4. US 5052 SCRAP ALERT. US brokers chasing prompt 5052 scrap amid poor availability. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.
5. China’s aluminum prices rally on demand optimism.
More details in full report.