LME price down... % as short-term rally reverses; Cash–3M contango widest in two years
February 22, 2023
ALERT! – EUROPE SLAB.
1. LME prices fell today by $... per mton or... % amid demand concerns, aggressive monetary tightening fears, falling oil prices, and a lingering physical aluminum oversupply.
2. LME Cash–3M contango at the widest spread since 2015 amid oversupply conditions.
3. China’s aluminum prices hold below medium-term technical resistance.
4. ALERT! – EUROPE SLAB. WEAKENING SLAB MARKET. Weakening FRP demand and ample open slab capacity.
5. ALERT! – BRAZIL. DECLINE RESUMES. Brazil’s spot P1020 and billet premiums down amid demand contraction and oversupply.
6. ALERT! – EUROPEAN P1020. FOUR-MONTH HIGHS: European P1020 duty-paid premiums inching higher.