LME prices gravitate around $1,600 per mton; MW premiums financials jump amid potential removal of Canada’s exemption
1. LME prices volatility continues to fall as prices gravitate around $1,600 per mton.
2. US MW PREMIUM ALERT. CME MW duty-paid financials for H2 2020 jump above 13.00 cent/lb amid market talk of the potential announcement of a "fix" to the "Canadian Problem."
3. US BILLET ALERT. US billet premiums set to strengthen further along with demand and “fix” to the “Canadian Problem.”
4. EUROPE WIRE ROD UPDATE. Mechanical sector woes linger with orders and payment deferrals. EC demand seen decent in Italy but weak in the UK.
5. LME Cash–July tightness eases sharply; Cash–3M contango widens and remains enough for financing units.
6. China's aluminum prices up but lack the strength to retest four-month highs.
More details in full report.