LME prices trading around $... per mton; Canada’s P1020 exports to the US spike and exceed quota by 2x
1. LME prices up amid range-bound trading around $... per mton.
2. SHFE aluminum prices continue to find support near recent two-week lows.
3. MW PREMIUM ALERT: UNCONTROLLED EXPORTS: Canada’s P1020 exports to the US increase further above quota.
For more details, please see our full “MW Premium Alert” released earlier today.
4. EUROPEAN ROLLING MILL ALERT. BULLISH TAILWINDS: European mills not in a hurry to negotiate 2022 contracts. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.
5. BRAZIL ALUMINUM ALERT. FURTHER UP: Brazil’s spot P1020 and billet premiums rise, as offshore premium upside pressure builds up.
6. LME Cash–3M spread returns to backwardation, as tightness ahead of July continues to intensify.
More details in full report.