LME price up but below key level; European P1020 spot premiums up to a two-month high
1. LME prices hardly changed w/w, as rally finds technical resistance at seven-month highs. Market still seen as vulnerable to short-term rallies, but an eventual reversion to the $... -per-mton range continues to be expected.
2. China’s aluminum prices hold below medium-term technical resistance.
3. ALERT! – EUROPEAN P1020. TWO-MONTH HIGH: European P1020 duty-paid premiums up further.
4. ALERT! – EUROPEAN BILLET. PAUSE OR BOTTOM? European billet premiums decline stops for now.
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5. ALERT! – EUROPEAN SCRAP. PILING UP: Scrapyards’ inventory levels rising as consumers postpone appointments.
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6. LME Cash–3M contango narrows, remains unattractive for new cash-and-carry deals.