LME price down after failing to conquer $... per mton; European EC rod premiums plunge 50% y/y

LME price down after failing to conquer $... per mton; European EC rod premiums plunge 50% y/y

1. LME price falls from one-month highs amid prevailing medium-term downward trend.

2. Medium-term technical resistance prevails for China’s aluminum price.

3. ALERT! – EUROPE WIRE ROD. GAP DOWN: EU’s EC rod 2024 contractual premiums plunge 50% y/y, spot premium fall reaches €... per mton.

4. RERUN: ALERT! – US BILLET. GAP DOWN: US spot billet upcharge reaches... cent/lb, most concluded 2024 business below... cent/lb.

5. ALERT! – US TURNINGS. DOWN TO A TRICKLE: Turnings price rising as generation slumps.

For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.

6. GREEN ALUMINUM MONITOR. CLOSING THE LOOP: New Recycling Programs Keep Gaining Momentum.

For more details, subscribe to HARBOR’s specialized “Green Aluminum Monitor” reports.

7. LME Cash-3M contango remains uneconomic amid backwardation ahead of December (bearish premiums).