LME prices down amid Chinese demand concerns; LME backwardation at its sharpest since 2018
1. LME prices down to a two-week low as Chinese demand data disappoints.
2. The Shanghai Futures Exchange (SHFE) was closed today due to the weeklong Lunar New Year holiday. Trading will resume on Monday, February 7.
3. US WIRE ROD ALERT. ACCELERATING TREND: US EC rod offshore import decline expected to hasten going forward.
4. US OLD SHEET SCRAP ALERT. RISING SCRAP DEMAND: Secondaries looking for prompt loads of old sheet.
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5. RERUN: WORLD BILLET & PFA ALERT. BILLET AND PFA EXPANSION: Vedanta to expand VAP casting capacity by ...k mtpy.
6. LME Cash–3M backwardation intensifies to the sharpest since 2018 (bearish for P1020 spot premiums).
More details in full report.