LME cash prices up to eight-month highs; LME Cash-3M contango narrows sharply to $... per mton (bearish premiums)
1. LME 3M prices closed above $... per mton, technical resistance stands at $... per mton which is the high end of our current expected trading range.
2. Cash–3M contango narrows sharply to a new three-month low as nearby conditions continue to tighten (bearish P1020 premiums).
3. ALUMINUM PRODUCTION ALERT. Operations at the ISAL smelter in Iceland could be threatened by upcoming strike. Smelter operates at about 85% capacity or 180 kmtpy.
4. HARBOR’s Green Aluminum Upcharge assessed at zero.
5. The Shanghai Futures Exchange (SHFE) remains closed due to the weeklong National Day holiday. Trading will resume tomorrow.
More details in full report.