LME prices fall toward key support; European P1020 premiums unchanged
December 6, 2021
EUROPEAN P1020 ALERT.
1. LME price drop to a two-week low, approaching again the key $... per mton support zone.
2. HARBOR FIRST ALERT. NEW FURNACE: OARC to increase production and become greener in 2022.
3. EUROPEAN P1020 ALERT. NO CHANGE: Europe P1020 premiums unchanged despite steep backwardation.
4. US SCRAP ALERT. CHASING JANUARY UNITS: Various US brokers are looking for January shipments of MLC and painted siding.
5. LME backwardation incentivizing inventory buildups as expected (bearish for P1020 premiums).
6. China’s aluminum prices stuck in a narrow range; key medium-term support holds.
More details in full report.