LME price at seven-month lows; Proposal for US carbon border tax on aluminum imports reintroduced
1. LME prices hovered around $... per mton on expectations of aggressive Federal Reserve policy tightening. Support continues to be seen around the $... per mton zone.
2. GREEN ALUMINUM ALERT. NEW US CARBON TAX PROPOSED: Senators reintroduce proposal for carbon border tax on aluminum imports from 2024.
3. ALUMINUM PRODUCTION. CAPACITY BOOST: Alcoa to expand Mosjøen smelting capacity by... mtpy by 2026.
4. LME Cash-3M contango narrows slightly, while far out backwardations steepen again.
5. China’s aluminum prices bounce back after nearing five-month lows yesterday.