LME prices fall $... per mton on demand concerns; European P1020 premiums gap up on Russian export tax
July 8, 2021
EUROPEAN P1020 ALERT.
1. LME prices dip to two-week lows amid cooling economic growth concerns, testing key short-term technical support.
2. SHFE aluminum prices down to one-week-lows but maintain short-term technical support.
3. EUROPEAN P1020 ALERT. DOUBLE IMPACT: Rotterdam premiums continue their bullish run amid the Russian export tax; upside for premiums remains considerable.
4. LME Cash–3M contango remains relatively loose; backwardations easing at the far end of the curve.
More details in full report.