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P1020 premiums to be supported by warehouse queues; LME prices down but still above key support

Executive Summary

1. LME prices fall on demand uncertainty but remain above key $1,680 per mton support.

2. New LME load-out queues emerge across Asia; P1020 spot premiums to increase around the world.

3. LME Cash–3M contango continues hovering around four-week highs (supportive for spot premiums).

4. China’s aluminum prices continue to find technical support near one-year lows.

More details in full report.