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LME prices up despite massive LME buildup; MW premium gaps down to a 21-month low; European billet premiums down

Executive Summary

1. LME prices continue to gather upward momentum despite massive buildups in Asia. Current price target is $1,810-$1,820 per mton.

2. LME Cash–3M backwardation steepens to a new sixteen-month high of... per mton, as nearby tightness intensifies considerably (bearish spot premiums).

3. LME Inventories Alert. LME inventories experience record surge in Asia amid backwardations and Western World surplus.

4. US MW PREMIUM ALERT. MW premium gaps down to a twenty-one-month low; latest 2020 deals concluded with... cent/lb discounts under MW.

5. EUROPEAN BILLET UPDATE. Q1 negotiations extending longer; Low end of Portugal spot premiums declines to... per mton.

6. China’s aluminum prices bounce back but remain capped by technical resistance.

More details in full report.