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LME prices gather upward momentum; Japanese flat rolled product shipment plummet

LME prices gather upward momentum; Japanese flat rolled product shipment plummet

Executive Summary

Special Note: HARBOR’s Daily Aluminum Commentary will not be published on Thursday, November 28 due to the Thanksgiving Day holiday.

1. LME prices climb to a two-week high, consolidating support at $1,740 per mton and heading toward next resistance target of $1,820 per mton.

2. JAPAN ROLLING MILL ALERT. Japanese aluminum flat-rolled product shipments fall the most in nine years amid underlying demand contraction and growing imports from China.

3. LME December–January backwardation holds steady while longer-term spreads continue to be their tightest since September (unsupportive for spot premiums).

4. ALUMINA ALERT. Alumina prices fall further and reach HARBOR's target.5. China’s aluminum prices down to one-week low, still below important resistance zone.

More details in full report.