LME prices close week with bearish note, contango the widest in 7 years as metal availability grows

February 17, 2023

ALERT! – US CANSHEET DEMAND IN CONTRACTION.

1. LME price remains in short- and medium-term bearish mode, down... % w/w and down... % since January’s peak.

2. LME Cash–3M contango widens to a virtual seven-year high amid growing primary aluminum oversupply conditions.

3. ALERT! – US BILLET. BATTLE FOR SPOT DEMAND COMING. US billet demand at multi-year lows.

4. ALERT! – US CANSHEET DEMAND IN CONTRACTION. LARGEST SEGMENT IN CONTRACTION. Demand for cansheet down... % in North America.

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

5. ALERT! – EUROPEAN SCRAP. UNEVEN. Demand and prices for spot UBC units are
falling amid contracting demand.

For more details, please subscribe to HARBOR’s specialized Europe Scrap Intelligence Report.

6. China’s aluminum prices face short-term upward resistance.

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