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Demand momentum pressuring up LME prices and P1020 premiums

Executive Summary

1. LME prices bounce back amid demand optimism and steady technical support; upward target of $1,940 per mton holds.

2. LME INVENTORY UPDATE. LME aluminum canceled warrants climb to a two-year high, supportive for P1020 spot premiums.

3. LME Cash–3M contango recovers from three-week low as Cash-February loosens (remains premium-supportive).

4. HARBOR’s Implicit Green Aluminum Upcharge assessed today at zero.

5. China’s aluminum prices lose some momentum amid fragile fundamental outlook.

More details in full report.