LME price may fall in next days as oil plummets; US Common Alloy prices skyrocket amid supply tightness
1. LME prices gave back yesterday’s gains amid a steep drop in oil prices and rising VIX/Fear levels. We see prices possibly testing the $1,750-1,730 per mton zone in the next few days.
2. US ROLLING MILL ALERT. Quoted prices for common alloy sheet/coil delivered Q4 2020 rising by as much as 40% amid confluence of factors that have impacted significantly the availability of supply. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.
3. LME Cash–3M and longer-term contangos widen toward multiweek highs amid loose conditions ahead of December (supportive for P1020 premiums worldwide).
4. HARBOR’s Green Aluminum Upcharge assessed at zero.
5. China’s aluminum prices bounce back to a one-week high after testing technical support.
More details in full report.