China caps smelting production in Xinjiang and sells more aluminum from reserves
Special Note: HARBOR’s Daily Aluminum Commentary will not be published on Monday, August 30, as the LME will be closed due to the Summer Bank Holiday in the UK.
1. LME PRICE ALERT: China to cap production in Xinjiang but unload more state reserves.
2. LME prices reach fresh three year-highs amid mixed signals in China and the US.
3. SHFE aluminum prices rally to a fourteen-year high on supply-side controls.
4. LME INVENTORY UPDATE. LME Asian warehouses experience further buildups as backwardation bites.
5. EUROPEAN SCRAP MARKET. SCARCITY BITES: No relief for fierce fight for extrusion scrap units.
To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.
6. GREEN ALUMINUM MONITOR: Trading houses join the Green Revolution.
For more details, please see our “Green Aluminum Monitor” released earlier today.
7. LME SPREADS ALERT. LME Cash–3M backwardation sharpest in three years as tightness ahead of September intensifies.
More details in full report.