LME price stalls within key resistance zone; Conditions softening somewhat for European billet & P1020 spot premiums

1. LME prices range-traded on Friday while trading volumes eased further, remaining near the low end of the $3,229–$3,333 per mton resistance zone.

2. China’s aluminum prices continue to test resistance; showing signs of fatigue w/w.

3. EUROPEAN BILLET ALERT. FIRST DROP: European spot billet premiums weaken for first time in over a year.

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4. EUROPEAN P1020 ALERT. SIGNS OF FATIGUE: European P1020 premiums unchanged amid increased availability and steep LME backwardation.

5. EUROPEAN SCRAP ALERT. TWO OFFSHORE TALES: India bullish scrap, China bearish secondary ingot.

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6. LME Cash–3M backwardation remains intense, bearish for P1020 premiums.

More details in full report.