LME price continues to range-trade; US wire rod consumers reluctant to accept 2020 premium hike; LME Cash–3M "back" eases
1. LME prices maintain slight upward momentum above $1,740 per mton; next target remains $1,810 per mton.
2. US WIRE ROD ALERT. Some large consumers refuse to accept the... cent/lb premium hike accepted by some smaller players. Canadian wire rod production set to expand in 2020 and reduce domestic shortage.
3. LME Cash–3M backwardation eases to a three-week low as nearby tightness slightly moderates (still bearish for spot premiums).
4. HARBOR’s Implicit Green Aluminum Upcharge assessed today at zero.
5. Braidy Industries to hire Mike Otero as Chief Operating Officer.
6. China’s aluminum prices attempting to consolidate above important technical threshold.
More details in full report.