LME price spikes toward resistance levels
November 30, 2022
ALERT! – US WIRE ROD.
1. LME price rallies 4% on China demand hopes, have yet to test key resistance zone of $... per mton.
2. China’s aluminum price nearing medium-term technical resistance.
3. ALERT! – US WIRE ROD. PEAKING? US EC rod spot and 2023 contract premiums widen to the downside.
4. LME Cash–3M contango narrows to $30 per mton, insufficient for new cash-and-carry deals.