Russia confirms export tax on aluminum; LME set to re-test $... per mton

1. UPDATE!-ALUMINUM PREMIUMS ALERT. WHY ALUMINUM PREMIUMS COULD MORE THAN DOUBLE AHEAD.

For more details on why aluminum premiums could more than double, see our full new alert on aluminum premiums released earlier today.

2. LME PRICE UPDATE. LME prices rally 2% on Friday and are technically set to rally toward $... per mton. Confirmed Russian export tax on aluminum could turn into psychological bullish factor.

3. SHFE aluminum prices up and testing... yuan per mton.

4. LME spreads tighten from August to December amid uncertainty about Russian export duty; Cash-3M contango still wide.

5. EUROPEAN BILLET UPDATE. EXPLOSIVE: European spot and Q4 billet premiums set to spike further amid new Russian export tax. To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.

6. EUROPEAN SCRAP MARKET. SOFTER DEMAND FOR SECONDARY ALUMINUM: Domestic and export demand for spot units softens. To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.

7. MEXICO SECONDARY SCRAP ALERT. NO HOMES TO BE FOUND: Demand for old cast spot units plummets as oversupply in the region bites. For more details, please subscribe to our specializedUS and Mexico Aluminum Scrap Intelligence Report.

8. MEXICO EXTRUSION SCRAP ALERT. NOT RECEDING: Clean extrusion scrap trading above P1020 units. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.

More details in full report.