LME slightly up while contango widens further on oversupply
January 16, 2024
ALERT! – US MILL GRADE OLD SHEET.
1. LME price rises slightly after reaching fresh one-month lows, still technically targeting the low end of the $... per mton range.
2. China’s aluminum prices continue to hover around four-week lows.
3. ALERT! – US MILL GRADE OLD SHEET. SUPPLY CRUNCH: Mill grade old sheet spreads narrow amid undersupply.
For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.
4. ALERT! – MEXICO SCRAP. ONLY UBC ACTIVITY: Demand for scrap is weak, but UBC is moving better than other items.
For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.
5. LME Cash-3M contango widens to three-week highs and continues to approach fifteen-year highs amid metal surplus.