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LME price down


1. LME prices fell slightly for a second-consecutive session, continuing to find technical selling below last week’s seven-month highs.

2. SPECIAL ANALYSIS – LME PRICES. Q&A: The Recent LME Price Spike and Our View of What’s Ahead.

Where does HARBOR see LME prices trading in the short/medium term?

HARBOR believes the most likely predominant range for LME prices in the next weeks remains $... per mton. Prices above $... per mton seem largely unsustainable from a fundamental standpoint. However, relevant odds persist for a temporary visit to levels as high as $... per mton amid bullish short-term technicals. Our base LME Cash price forecast for 2023 remains $... per mton, as we continue to see prices targeting levels as low as $... per mton at some point in 2023. For more details, please see our latest Aluminum Price Outlook Report.

3. ALERT! – EUROPEAN BILLET. FALL RESUMES. Contractual billet March premiums decline to as low as $... per mton.

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

4. ALERT! – EUROPEAN SCRAP. DEMAND UP, PRICE DOWN: Inquiries for D226 ingot and extrusion scrap are picking up, prices still fall.

For more details, please subscribe to HARBOR’s specialized Europe Scrap Intelligence Report.

5. LME Cash–3M contango narrows slightly, remains around break-even for cash and carry deals.

6. The Shanghai Futures Exchange (SHFE) was closed due to China’s weeklong New Year holiday. Trading will resume on Monday, January 30, 2023.