LME price down and below resistance at $...per mton; Waning momentum for Europe’s P1020 spot premiums
May 12, 2022
EUROPEAN P1020 ALERT.
1. LME prices fell today and continued to trade below $... per mton amid lack of demand and strong US dollar; higher energy prices somewhat supportive.
2. China’s aluminum prices face resistance near one-week highs.
3. EUROPEAN P1020 ALERT. MOMENTUM WANING: European P1020 premiums up but headwinds emerge.
4. LME Cash–3M contango narrows slightly but remains nearly the widest since October 2020.