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HARBOR’s $... per mton target officially reached; Quebec smelters exempted from local shutdowns; MW premium financial plunge


Executive Summary

1. LME PRICE UPDATE. LME prices reach below $... per mton (HARBOR's price target) amid ongoing market turmoil. Prices have entered into historically attractive value levels.

2. CANADA ALUMINUM ALERT. Quebec aluminum smelters expected to remain operational during province lock down.

3. LME Cash-3M contango steepens to a one-year high amid plunging spot demand.

4. CME MW duty-paid financials for H2 2020 plunge to a two-year low; premium backwardation emerged.

5. US PFA ALERT. US Foundry premiums plunge amid order delays and cancellations.

6. US BILLET UPDATE. US billet spot premiums stuck at lows, extrusion demand expected to deteriorate in coming weeks.

7. China’s aluminum prices fall sharply to a new four-year low; all-time lows could be targeted unless support emerges soon.

More details in full report.