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LME price rally continues amid bullish technicals and demand stimulus; MW financials jump amid fresh calls for removal of Canadian tariff exemption

US MW PREMIUM ALERT.

Executive Summary

1. LME prices reached a five-week intraday high of... per mton and outperformed oil and the industrial metals complex. Technical momentum supportive of a break toward... per mton.

2. US MW PREMIUM ALERT. US aluminum association calls for removal of Canadian exemption amid export "surge"; potentially bullish MW premiums.

3. CME MW duty-paid financials for H2 2020 jump to a seven-week high of... cent/lb amid calls for removal of Canadian exemption.

4. LME June–July tightness continues, Cash–3M contango narrows to a two-month low.

5. BRAZIL ALUMINUM UPDATE. Smelting restart confirmed at Albras, implying about 110 kmtpy of additional supply over the coming months.

6. China’s aluminum price upside remains capped by technical resistance.

More details in full report.