1. LME 3M prices close at a new three-year high above $2,800 per mton after Icelandic smelter outage. Confirmation of break above $2,800 per mton would unleash a new upside target of $… per mton.
LME 3M aluminum prices closed today at a fresh three-year high of $… per mton, up… % or $… per mton from yesterday. Prices climbed to as high as $…
2. ALERT! – DISRUPTION. BULLISH DISRUPTION: Centurysmelter in Iceland suffers disruption, 210k mtpy out.
Century’s Grundartangi smelter suffers electrical equipment failure that halts 210k mtpy of production (bullish LME and European premiums)…
We see a bullish impact on European P1020, PFA and billet premiums.
3. RERUN: SPECIAL ALERT! – US SECTION 232. BREAKING THE NEW TARIFF REGIME? Canada hints at a potential aluminum Tariff deal.
For more details, please see HARBOR’s “ ALERT! – US SECTION 232” released yesterday.
4. UPDATE! – EUROPEAN SCRAP EXPORTS. PRESSURE BUILDING UP: No export restrictions yet, record flows persist.
For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.
5. LME Cash-3M backwardation lingers, nearby short-squeeze continues.
The Cash-3M backwardation widened today to $… per mton, from a two-week low of $… per mton yesterday. While the Cash–November backwardation eased to $… per mton from $…
6. China’s aluminum prices approach technical resistance zone.
SHFE front-month aluminum prices closed today’s session up… % at… yuan per mton ($… per mton, ex-VAT), before extending gains in after-hours trading to… yuan per mton ($… per mton, ex-VAT). Prices climbed in tandem with LME aluminum prices, which hit a new three-year high today, amid…