LME price up... % to a one-week high amid talk of smelting cuts in Yunnan; not a sure bet more US Tariffs are coming
February 20, 2023
ALERT! – CHINESE SMELTING.
1. LME price rallies with light volumes amid talk of potential Yunnan production cuts. Prices remain within HARBOR’s identified trading range of $... per mton.
2. China’s aluminum prices rise to one-week highs amid talk of smelting cuts.
3. ALERT! – CHINESE SMELTING. PRODUCTION CUTS NOT HAPPENING YET. Potential smelting cuts in Yunnan not expected to change market balance amid restarts elsewhere.
4. ALERT! – US TARIFFS MAY END UP NOT HAPPENING. NOT A GIVEN: Imposition of Tariffs or Restrictions on US Imports of Russian Aluminum Not a Sure Bet.
5. ALERT! – US SLAB. BEARISH HEADWINDS. North American slab market contraction ongoing.
6. LME Cash–3M contango narrows slightly from seven-year highs, amid ample metal supply.