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LME outperforms on demand optimism; MW premium at nine-month high; European Q4 billet premiums rise

US MW PREMIUM ALERT

SPECIAL NOTE: HARBOR’s Daily Aluminum Commentary will not be published on Monday, September 7 due to the Labor day holiday in the US. The LME will remain open.

1. LME prices regain ground amid base metals demand optimism and technical support after HARBOR’s forecasted price target for Q3 2020 was reached this week.

2. US MW PREMIUM ALERT. MW premium continues its rally towards our expected... cent/lb target.

3. LME Cash–3M contango widens amid loose conditions from September through November (supportive for P1020 premiums worldwide).

4. EUROPEAN BILLET UPDATE. Q4 billet premiums up, spot up in South Europe. To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.

5. EUROPEAN SCRAP MARKET. Different trends in the European spot market. To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.

6. US UBC ALERT. UBC price range widens amid LME volatility. For more details, please subscribe to our specialized US & Mexico Weekly Scrap Report.

7. MEXICO ALUMINUM ALERT. Mexico's scrap shortage boosts demand for P1020 and RSI. For more details, please subscribe to our specialized US & Mexico Weekly Scrap Report.

8. HARBOR’s Green Aluminum Upcharge assessed at zero.

9. China’s aluminum prices continue to find technical support at three-week lows.

More details in full report.