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LME prices break above key resistance $1,740 per mton; Long-term spreads tighten amid forward selling

Executive Summary

1. LME prices rise as they continue to find support above $1,740 per mton.

2. LME nearby backwardation widens while longer-term spreads tighten amid forward selling for 2020 (unsupportive for spot premiums).

3. HARBOR’s Implicit Green Aluminum Upcharge assessed today at zero.

4. China’s aluminum prices fall but hold within the 200-day moving average zone.

More details in full report.