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Bottoming-out pattern unfolding for LME prices; World’s aluminum production weakens amid COVID-19

APRIL PRODUCTION REVIEW

Bottoming-out pattern unfolding for LME prices; World’s aluminum production weakens amid COVID-19

Executive Summary

1. LME PRICE ALERT. LME Cash price climbs to a two-month high. Confirmation of double- bottom technical formation could unleash considerable upside momentum toward $1,700 per mton.

2. US MW PREMIUM UPDATE. LME Baltimore sees metal inflows for the first time in six years as North America experiences largest surplus since 2009.

3. EUROPEAN BILLET UPDATE. To see our full European Billet Market Intel and Premiums assessment please see our specialized European Billet Intelligence Report.

4. APRIL PRODUCTION REVIEW. World primary aluminum production expansion moderated amid coronavirus-related cutbacks.

5. LME Cash–3M contango narrows to a two-month low but remains supportive for cash-and-carry deals; June–July spread tightens.

6. China’s aluminum price rally pauses amid technical resistance.

More details in full report.