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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

MEXICO P1020 AND SCRAP ALERT.

Executive Summary

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.