LME price rally eases month-to-date losses; LME Cash-3M contango narrows to five-month lows

October 30, 2023

ALERT! - MEXICO UBC.

1. LME price up 2% amid end-of-month short-covering, approaching a medium-term technical resistance zone.

2. China’s aluminum price up to a two-week high, still not able to break short-term resistance.

3. LME Cash-3M contango at narrowest in five-months as the November-December backwardation intensifies (bearish premiums).

4. ALERT! - MEXICO UBC. EXPORT MARKET STEPS IN: Mexican UBCs flowing to the US again.

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

5. RERUN: SPECIAL ANALYSIS! – US ROLLING MILL CONVERSION PRICES. HOW ACCURATE? HARBOR’s 2023 US rolling mill price forecasts vs actuals.

For more details, please subscribe to HARBOR’s specialized “Aluminum Rolled Products Intelligence” Report.

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