LME prices on the brink of a breakout toward $1,670; Collapse of MW duty-unpaid premiums “killing” demand for some scrap items in Mexico
1. LME PRICE ALERT. Price rally continues amid bullish speculative positioning and growing confidence that a cycle trough for world manufacturing activity is likely behind us.
2. LME June–July tightness continues to ease; fresh inventory inflows continue into LME Malaysia warehouses.
3. MEXICO P1020 AND SCRAP ALERT. Collapse of journalistic MW duty-unpaid “killing” demand for some scrap items in Mexico.
4. MW Duty-Unpaid P1020 premium assessed today at... cent/lb.
5. HARBOR’s Implicit Green Aluminum Upcharge assessed today at zero.
6. China’s aluminum prices lose some momentum after hitting a three-month high.
More details in full report.