Bearish weekly close as LME price fails to take key resistance; European spot billet premium declines

1. As anticipated, LME prices attempted and failed to close above key resistance at $... per mton. Technically, this is a bearish signal that could invite a new wave of selling perhaps as soon as next week.

2. China’s aluminum prices remain capped by medium-term technical resistance.

3. EUROPEAN P1020 ALERT. UNCHANGED: European P1020 premiums hold firm at record highs amid still severe port logistics.

4. EUROPEAN BILLET ALERT. BEARISH PRESSURE: High end of European spot billet premiums declines to $...per mton as bearish pressure mounts.

To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.

5. EUROPEAN SCRAP ALERT. WIDER EXPORT ARBITRAGE: NAASAC prices trading... euros per mton above D226 prices in Europe.

To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.

6. GREEN ALUMINUM MONITOR: Green financing, repowering, and a newly announced recycling expansion.

For more details, please see HARBOR’s “Green Aluminum Monitor” released earlier today.

7. ALERT! - SCRAP MEXICO. MORE US SCRAP IN MEXICO: US Irony Extrusions and Scrap Wheels flowing to the Mexican market.

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

8. US SECONDARY SCRAP ALERT. OVERSUPPLIED: Secondary smelters having access to more scrap grades as MWTP falls.

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

9. LME Cash–3M contango widens slightly from an eight-week low (still bearish for P1020 premiums).