LME price falls $... per mton while contango widens further; Mounting bearish pressure on US PFA premiums

November 22, 2023

ALERT! – NORTH AMERICAN PFA.

Special Note: HARBOR’s Daily Aluminum Commentary will not be published on Thursday, November 23, due to the Thanksgiving holiday.

1. LME prices plunged 2% today amid technical selling near the $... per mton mark; range trading with bearish bias expected to continue.

2. China’s aluminum price falls toward three-month lows.

3. ALERT! – NORTH AMERICAN PFA. DON’T COUNT WITH AUTO SECTOR? Bearish auto demand outlook weighing on North American EV investments and PFA premiums ahead.

4. ALERT! – US TWITCH. REBOUND: Twitch bounces back on tightness, strike resolution.

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5. ALERT! – US UBC. SPREADS EDGE WIDER: US mills push UBC formulas wider as 2024 takes shape.

For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.

6. ALERT! – EUROPE UBC. CAN DEMAND NOT IMPROVING: Spot UBC demand weak, oversupply persists across the can value chain.

For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.

7. ALERT! – EUROPE EXTRUSION SCRAP. FALLING DEMAND: Spot and contractual demand for extrusion scrap weaken further.

For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.

8. LME Cash-3M contango widens to two-month highs, remains unsupportive for spot premiums.

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