Mega-recycling project announced in China; LME price can't rally past $... per mton resistance
1. CHINA & SCRAP ALERT. IT’S HAPPENING AND IT’S BIG: Mega-recycling project announced in China.
2. LME prices hold below key technical resistance at $... per mton.
3. SHFE aluminum prices back off from yesterday’s two-week high.
4. MW PREMIUM ALERT: CANADA P1020 EXPORTS DO IT AGAIN: Exports exceed quota, current high MW premium levels jeopardized.
5. NORTH AMERICA PFA ALERT. HICCUP: Subdued spot market appetite expected to be transient.
6. US EC WIRE SCRAP ALERT. HUNGRY FOR PRIME REPLACEMENTS: Rising demand and prices for EC wire scrap. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.
7. LME Cash–3M contango widens from four-week lows amid looser conditions ahead of May’s prompt (supportive of cash-and-carry deals).
More details in full report.