Rising odds of US Tariffs on all Canadian aluminum; LME prices up amid erratic trading
1. LME prices test two-week highs as erratic range-trading continues; technical retracement targeting $... per mton is still on the cards.
2. US MW PREMIUM SPECIAL ANALYSIS. Two alarm bells: rising odds of tariffs on all Canadian aluminum exports.
3. US WIRE ROD ALERT. EC 1350 demand still strong; 2021 contract premiums expected around... cent/lb.
4. BRAZIL P1020 ALERT. P1020 tariff-free import quota to increase by 30 kmton.
5. US LITHO SCRAP ALERT. Several US brokers behind on formula orders for litho scrap. For more details, please subscribe to our specialized US & Mexico Weekly Scrap Report.
6. Cash–3M contango flattens to a three-month low as backwardation intensifies for December–January.
7. HARBOR’s Green Aluminum Upcharge assessed at zero.
8. The Shanghai Futures Exchange (SHFE) remains closed due to the weeklong National Day holiday. Trading will resume on Friday, October 9, 2020.
More details in full report.