January 7, 2022

Base metals prices finished mixed in the first week of 2022.

LME Aluminum continued its rally this week, as smelter shutdowns in Europe might constrain future supply.  Six European smelters have announced production cuts in recent weeks. Total capacity of these six smelters is 1.123 million mt/year, of which approximately 57%, or 0.635 million mt/year will be taken offline. By our estimations, the cuts announced by these six smelters are approximately 13% of European annual capacity.  (1/7/2022)

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Important Headlines & Economic Data

AISI Steel Capability Utilization Rate

Investing.com Economic Calendar 

1/6/2022: Column: Europe's power crunch sparks aluminium smelter meltdown

1/5/2022: Japan Q1 aluminium premium falls 20% to $177/T -sources

1/5/2022: Japan aluminium buyers to pay lower premiums for Jan-March imports

1/5/2022: Power prices propel aluminium to 2-month peak

1/4/2022: Copper price down, pressured by stronger dollar

1/4/2022: Chile’s November copper output falls amid drops from Codelco and Escondida