LME price technical rally still on; LME backwardation intensifies again; European P1020 premiums rise further

January 20, 2022

EUROPEAN P1020 ALERT.

1. LME price up 2% as rally continues, completion of top formation expected during Q1 2022.

2. China’s aluminum prices remain near three-month highs.

3. EUROPEAN P1020 ALERT. ANOTHER SIX-YEAR HIGH: Europe P1020 premiums rise further amid a compilation of bullish factors.

4. RERUN: BRAZIL ALUMINUM ALERT. EXPORT DRIVEN: Brazil’s billet exports growing to multiyear highs amid depressed domestic demand.

5. MEXICO SECONDARY SCRAP UPDATE. STARTING TO IMPROVE: Demand for RSI, old cast and twitch slowly increasing.

For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.

6. LME Cash–3M backwardation intensifies above $... per mton as conditions ahead of March tighten sharply (bearish for P1020 spot premiums).

More details in full report.

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