LME price capped by bearish demand sentiment; European common alloy demand falls further
November 23, 2022
ALERT! – EUROPE ROLLING MILL.
SPECIAL NOTE: HARBOR’s Daily Aluminum Commentary will not be published Thursday, November 24, due to the Thanksgiving holiday in the United States.
1. LME price drops amid downbeat demand sentiment and plunging oil prices; selling pressure persists near $... per mton.
2. China’s aluminum price holds below technical resistance levels.
3. ALERT! – EUROPE ROLLING MILL. FRP: Common alloy demand down further.
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4. LME Cash–3M contango widens towards five-month highs, still insufficient for profitable cash-and-carry deals.