LME range trading continues; Russia announces export tax that could double current world P1020 premiums

June 25, 2021

ALUMINUM PREMIUMS ALERT.

1. ALUMINUM PREMIUMS ALERT. WHY ALUMINUM PREMIUMS COULD MORE THAN DOUBLE AHEAD.

For more details, please see our full “P1020 & VAP PREMIUMS ALERT” released earlier today.

2. LME prices remain in a technical trading range, short-term technical indicators still bearish.

3. SHFE aluminum prices capped below 19,000 yuan per mton.

4. RUSSIAN ALUMINUM ALERT. FIGTHING METAL INFLATION: Russia looking to stop metal inflation by imposing an export tax on aluminum.

5. US SECONDARY ALERT. FALLING DEMAND: US secondary smelters show less appetite for scrap units. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.

6. LME Cash–3M contango narrows, but nearby conditions remain relatively loose.

More details in full report.

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