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Fed's "emergency" rate cut is short term bearish for LME prices; Europe’s foundry demand could plummet


Executive Summary

1. LME prices fall to as low as $... per mton amid Fed's bearish “emergency”' rate cut. Technically, the price target remains $... per mton.

2. CHINA ALUMINUM UPDATE. Chinese economic activity continues to recover after a significant drop in domestic industrial output during January–February.

3. EUROPE PFA ALERT. Plummeting foundry spot demand expected in the coming weeks as auto production falters.

4. LME Cash-3M contango narrows as curve flattens all the way through Q1 2021 (suggests active forward selling).

5. China’s aluminum prices hardly changed, but downward trend still in place targeting lower levels.

More details in full report.