LME prices on track for biggest m/m rally in two years; European PFA demand improving; Brazil P1020 premiums up
1. LME prices range-trade following yesterday’s bullish breakout confirmation; they have technically validated HARBOR’s call of $1,830–$1,840 per mton before the end of the year and as soon as next month.
2. HARBOR’s Green Aluminum Upcharge is assessed at zero.
3. LME Cash–3M contango widens further but producer selling tightens longer-term spreads.
4. EUROPE PFA ALERT. Foundry demand increased further in July. However, Q4 and 2021 volume uncertainty lingers.
5. BRAZIL P1020 ALERT. P1020 premiums increase seems gaining steam as consumer appetite improvement takes hold.
6. US 5052 Scrap Alert. Demand increases for prompt 5052 bare scrap units. For more details, please subscribe to our specialized US & Mexico Weekly Scrap Report.
7. China’s aluminum prices regain upward momentum and approach two year highs.
More details in full report.