LME price fails to close April above ... per mton; European P1020 premium up to six-year high
Special Note: HARBOR’s Daily Aluminum Commentary will not be published on Monday, May 3, due to the early May bank holiday in the UK (LME holiday).
1. LME prices could not close April above $... per mton after experiencing a... % m/m rally. Technically speaking, $... per mton is still a short term possibility although levels above $... per mton seen as unsustainable.
2. SHFE aluminum prices sustain 13-year high ahead of a three-day holiday.
3. EUROPEAN P1020 ALERT. SIX YEAR HIGHS: European P1020 premiums reach $... per mton.
4. EUROPEAN SCRAP MARKET. RISING DEMAND FOR MLCs: Mills looking for alternative units as shortage bites. To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.
5. LME backwardation intensifies further and extends into June
More details in full report.