LME down as another bearish signal is activated; European PFA 2024 contractual premiums fall further
October 12, 2023
ALERT! – EUROPE PFA.
1. LME price down to three-week lows, short-term technical bearishness intensifies.
2. China’s aluminum prices slide further, reaching three-week lows.
3. ALERT! – EUROPE PFA. BEARISH BACKWARDATION: 2024 European PFA contractual upcharges fall below spot levels.
4. ALERT! – US HIGH-GRADE TURNINGS. DWINDLING: Turnings get a lift from slower generation.
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5. LME Cash-3M contango tightens to two-week lows, and remains insufficient for cash-and-carry deals (bearish premiums).