LME prices close week above key support level; MW P1020 premium falls to two-year low
1. LME prices up marginally in weekly terms as key technical support is preserved; continuing demand uncertainty related to coronavirus still capping prices.
2. US MW PREMIUM ALERT. MW P1020 premium falls to fresh two-year lows.
3. LME Cash–3M contango widens near four-week highs, almost doubling since last week as the early February backwardation ended.
4. EUROPEAN BILLET UPDATE. Interest in long-term billet contracts on the rise; short-term demand prospects seen as better than expected.
5. EUROPE DEMAND ALERT. Eurozone construction activity accelerated to a nine-month high expansion pace in January, supports short-term stabilization in extrusions demand.
6. China’s aluminum prices trade just above key support but remain unable to rebound meaningfully.
More details in full report.