LME price extends gains above $1,700 per mton; Nearby contangos widen further; Wire rod demand recovering
1. As soon as tomorrow, LME prices could unleash a wave up targeting $1,840 per mton by the end of September.
2. HARBOR’s Green Aluminum Upcharge is assessed at zero.
3. LME Cash–3M contango keeps widening to fresh two-month high (supportive of P1020 premiums around the world); inventory buildups continue to take place in Asia.
4. RERUN. US WIRE ROD ALERT. Wire rod demand from several segments recovering firmly, mechanical not as much.
5. China’s aluminum prices stuck within their current trading range.
More details in full report.