LME prices fall after highest close in ten years; MW spot premium gaps up to... cent/lb with more upside seen
August 4, 2021
US MW PREMIUM ALERT.
1. LME prices fell from the highest closing level in ten years, as demand concerns intensified across the commodity complex; short-term technical momentum still bullish.
2. SHFE aluminum prices fall after nearing three-month highs.
3. US MW PREMIUM ALERT. UNPRECEDENTED RALLY, MORE UPSIDE SEEN: MW spot premium skyrockets to a fresh all-time high of... cent/lb, with more gains seen ahead.
4. CHINA SCRAP ALERT. YET ANOTHER RECYCLING EXPANSION: Shandong Nanshan to expand aluminum recycling capacity.
5. LME Cash–3M contango widens to a one-week high as conditions ease slightly after August.
More details in full report.