LME prices post another bullish monthly close; MW premium financials spike amid exemption removal bets
1. LME 3M aluminum prices closed July above $1,700 per mton, as medium-term technical indicators turned and remain bullish. The next technical target remains at $1,830 per mton.
2. CME MW duty-paid financials for August–December 2020 spike to a new five-week high amid growing bets that Canada will lose its Section 232 Tariff exemption.
3. LME Cash–3M contango widens amid steepening August–October segment (supportive for spot P1020 premiums).
4. Secondary alloy price rally capped by Euro and summer break. To see our full market intel on the European scrap market please subscribe to our specialized Europe Scrap Intelligence Report.
5. China’s aluminum prices post highest monthly close in over two years.
More details in full report.