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LME price down and with bearish formation, scrap inventories swell


1. LME price remains unable to extend gains above $... per mton; continues to trade inside of our identified range of $... per mton.

2. China’s aluminum prices unchanged and below short-term technical resistance.

3. ALERT! – US BILLET. PAUSE AT TWO-YEAR LOWS: US billet spot upcharge at... c/lb, contract offers fall toward... cent/lb.

4. ALERT! – ALUMINUM PRODUCTION. NEGLIGIBLE PRODUCTION LOSS: Talum to end the last few smelting pots but keep its expanding secondary production.

5. UPDATE! – WORLD SMELTING PRODUCTION COST. DOWNWARD TREND: World aluminum production costs fall further.

For a detailed analysis of world aluminum smelting cost trends and figures, please subscribe to HARBOR’s “Aluminum Smelting Cost” report.

6. RERUN: ALERT! - MEXICO SCRAP. INVENTORIES SWELL: Inventory levels across the scrap value chain in Mexico are not being worked out but are increasing in some cases.

For more details, please subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” Report.

7. LME Cash–3M contango widens towards fifteen-year highs, supportive for cash-and-carry deals.