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LME prices could soon re-enter the $1,740–$1,940 trading range; LME Cash–3M contango widens beyond $25 per mton (supportive for spot premiums)

Executive Summary

1. LME prices attempting to break above $1,740 per mton, coronavirus fears gradually dissipating.

2. LME Cash–3M contango widens above $25 per mton as conditions loosen after February (supportive for global spot premiums).

3. ALUMINUM PRODUCTION UPDATE. Rio Tinto announced a strategic review of its 212 kmtpy ISAL smelter in Iceland; a decision is expected by next quarter.

4. China’s aluminum prices lack strength to sustain yesterday’s one-week high.

More details in full report.