LME price down and trading below key resistance; LME Cash–3M contango at $...
December 5, 2022
ALERT! – LME PRICE.
1. ALERT! – LME PRICE. LME price pulls back below key resistance zone of $... per mton, staying within downward trend formation and technically still targeting $... per mton or lower in 2023.
2. China’s aluminum price hovering around medium-term technical resistance levels.
3. ALERT! - EUROPE WIRE ROD. CORRECTION JUST STARTING? 2023 European EC rod contractual premium softens.
4. ALERT! – US UBC. UBC and class scrap demand rises; discounts unchanged.
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5. LME Cash–3M contango widens above $30 per mton again, approaching breakeven levels for financing deals.