Collapse of MW premium to as low as.. cent/lb and overproduction of North American units showcased in US LME buildup
1. US MW PREMIUM ALERT. North American players resort to US LME warehouses for the first time in two years, showcasing the excess production of North American units, the collapse in the MW duty-paid premium to as low... cent/lb, and the complete evaporation of the embedded duty.
2. Technical selling and inventory buildups reverse LME price rally.
3. LME Cash–3M contango narrows to a new seven-week low but continues to be attractive for financing deals for most players.
4. China’s aluminum prices rise and hit technical resistance.
More details in full report.