LME price up again while forward selling intensifies; US foundry market suffers from demand visibility
January 16, 2023
ALERT! – US PFA.
1. LME price reaches new seven-month highs while producers sell forward. Technical breakout confirmation still pending.
2. China’s aluminum prices face resistance at two-week highs.
3. ALERT! – US PFA. QUIET & UNCERTAIN. Uncertainty in auto market conditions weigh down on US PFA demand.
4. LME Cash–3M contango tightens to a seven-week low, becoming unattractive for cash and carry deals.