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LME price down and still stuck around $... per mton; European slab shortage and premium rally intensifies


1. LME prices fall back toward $... per mton. However, as long as prices trade above $... per mton, the $... per mton technical range remains the short-term price target.

2. SHFE aluminum prices trim gains amid technical resistance and fragile demand outlook.

3. RERUN: CHINA ALUMINUM ALERT.CHINESE DEMAND DESTRUCTION: Energy crisis impacting aluminum demand more than production; inventories are rising.

For more details, please see our “China Aluminum Alert” released yesterday.

4. EUROPE SLAB ALERT. SLAB SHORTAGE & PREMIUM RALLY INTENSIFIES: European mills facing challenging slab availability for next year and sharp upcharge increases.

5. RERUN: SILICON SPECIAL ALERT UPDATE. DEMAND DESTRUCTION: Silicon shortage, price spikes and semiconductor scarcity are shocking the auto market and thus the aluminum industry.

For more details, please see our “SILICON SPECIAL ALERT UPDATE” released yesterday.

6. LME Cash-3M contango narrows amid December tightness; canceled warrants up in Asia for a second-consecutive week.

More details in full report.