LME price unchanged amid technical resistance; Poor spot market appetite in Europe’s foundry market
August 10, 2022
EUROPE PFA ALERT.
1. LME prices failed to extend short-term gains as technical resistance holds at $... per mton.
2. China’s aluminum prices testing resistance at upper end of current trading range.
3. EUROPE PFA ALERT. UNCHANGED FOR NOW: European PFA spot premiums unchanged; downside risks linger.
4. LME Cash–3M spread still in backwardation despite some easing in the October–November spread.