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LME prices rally above key $1,740 per mton support; EU could impose tariffs on Chinese extrusions

Executive Summary

1. LME prices climb to a two-week high, re-entering for now our expected trading range of $1,740–$1,940 per mton (technical confirmation pending tomorrow).

2. EUROPEAN BILLET UPDATE. Coronavirus seen having a mixed impact on European billet market for now; Europe set to open antidumping investigation against Chinese extrusions; Spain and Italy spot premium ranges tighten.

3. LME Cash–3M contango remains wide amid loose conditions ahead of March (supportive for global spot premiums).

4. China’s aluminum prices fall back to current support zone.

More details in full report.