LME prices plunge and revisit key support zone; Nearby LME spreads join the rest of the curve in backwardation (bearish P1020)
November 16, 2021
US ALUMINUM DEMAND ALERT.
1. LME prices fall and revisit HARBOR’s $... per mton support zone.
LME 3M aluminum prices plunged today by 3.1% or....
2. China’s aluminum prices down to a five-month low and below key support level.
3. US ALUMINUM DEMAND ALERT. POSITIVE BUT NO GAME CHANGER: US infrastructure stimulus not so relevant for US aluminum demand.
4. RERUN: US PFA ALERT. RALLY RESUMES: US spot PFA upcharge gaps up amid silicon crisis.
5. LME Cash–3M backwardation has emerged, bearish for P1020 spot premiums.
More details in full report.