LME price up from seven-month lows; Elevated inventories impacting US foil demand
May 25, 2023
ALERT! – US ROLLING MILL.
1. LME price up after falling to seven-month lows yesterday, continues to trade around HARBOR’s $... per mton target. The US dollar confirms bullish momentum (bearish warning signal).
2. China’s aluminum prices rise after testing four-month lows.
3. ALERT! – US ROLLING MILL. US FOIL DEMAND DIPS: Demand impacted by high inventories and end product imports.
For more details, please subscribe to HARBOR’s specialized “Aluminum Rolled Products Intelligence” Report.
4. LME Cash-3M backwardation intensifies again to double digits, the steepest in seven months (bearish for P1020 premiums).