LME price falls and challenges support zone; European foundry spot premium rises
1. LME prices fell today to fresh two-week lows on short-term technical selling. We continue to see high odds of a breakout in the coming sessions.
2. EUROPE PFA ALERT. FURTHER UP: European spot PFA premiums jump to $... per mton.
3. EUROPEAN SCRAP MARKET. MORE BULLISH PRESSURE: Secondary scrap prices increase further. To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.
4. MEXICO OLD CAST ALERT. RISING OLD CAST PRICES: Increased RSI A380 production raises bullish pressure. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.
5. LME PRICE ANALYSIS. SAVED BY THE RALLY: 700 kmton of smelting capacity averts shutdown.
6. LME January–February backwardation continues to intensify, but longer-term spreads widen toward breakeven levels.
7. China’s aluminum prices rebound from two-month lows.
More details in full report.