LME prices fall to HARBOR’s forecasted zone; World and US manufacturing weaken further
Special Note: HARBOR’s Daily Aluminum Commentary will not be published on Monday, July 4, due to the US Independence Day holiday.
1. ALERT! – LME PRICE. Against all other forecasts (again), HARBOR’s bearish price target zone of $... per mton was reached today.
2. ALUMINUM DEMAND UPDATE. World manufacturing activity growth weakened in June toward two-year lows, with a contraction in US new orders for the first time since May 2020.
3. US MW PREMIUM ALERT. DOWNTREND CONTINUES: MW premium weakens to five-month lows.
4. EUROPE WIRE ROD ALERT. PLATEAU BEFORE FALL? European EC rod premiums defying world premium bearishness for now.
5. EUROPEAN BILLET ALERT. FROM TURKEY TO THE WORLD.
To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.
6. EUROPEAN SCRAP ALERT. BEARISH SCARP & SECONDARY.
To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report
7. GREEN ALUMINUM MONITOR: Taxing non-green aluminum imports.
For more details, please see HARBOR’s Green Aluminum Monitor released earlier today.
8. China’s aluminum prices continue to test key support at seven-month lows.
9. LME Cash–3M contango narrows to one-week lows, far out contangos widen further.