Subscription inquiry

LME prices close week above key support level; MW P1020 premium falls to two-year low

Executive Summary

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.