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LME prices hit HARBOR's target of $1,670 per mton; MJP spot premium falls; 2021 MW premium financials down

LME PRICE ALERT.

Executive Summary

1. LME PRICE ALERT. Prices hit our $1,670 per mton technical target. HARBOR has been the only major consultancy anticipating that LME prices would bounce back sharply in Q3 2020.

2. CME MW duty-paid financials for H1 2021 confirmed at... cent/lb amid strong volume.

3. LME nearby and longer-term contangos narrow but remain supportive for spot P1020 premiums.

4. MJP PREMIUM ALERT. MJP spot premium continues hovering around the low end of its equilibrium range; Q3 2020 contractual premiums confirmed at $... per mton.

5. China's aluminum prices face some resistance around five-month highs.

More details in full report.