LME price up but below key resistance zone; Cash-3M backwardation spikes to $... per mton; European EC Rod spot premium gaps up

February 14, 2022

1. LME prices recover part of the ground lost on Friday but remained below the key $... per mton resistance zone. Jury still out on the type and timing of a potential price top formation.

2. LME Cash–3M backwardation spikes to three-year high of $... per mton; bearish pressure on spot P1020 premiums. Expect more inventory buildups.

3. China’s aluminum prices bounce back and continue testing their current resistance zone.

4. EUROPE WIRE ROD ALERT. GAP UP: Short market and strong demand pushes EC rod premiums to as high as... euro.

5. BRAZIL ALUMINUM ALERT. FORCED INCREASE: Brazil’s P1020 premiums rising mainly due to offshore premium pressures.

6. US PFA ALERT. MORE HICCUPS: PFA demand upside momentum limited by lingering auto production issues.

7. US ROLLED PRODUCTS ALERT. Conversion prices set to climb further.

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