LME price up from five-week lows; European PFA premiums fall to fresh lows
October 24, 2023
1. LME prices up after closing yesterday at a five-week low.
2. China’s aluminum price up from six-week lows.
3. RERUN: ALERT! – EUROPE PFA. FURTHER DOWN: European spot PFA premiums reach $... per mton, more downside seen.
For more details, please see HARBOR’s “Alert! – Europe PFA” released yesterday.
4. LME Cash-3M contango yield remains too tight for profitable cash-and-carry deals (bearish premiums).