Aluminum premiums level in shortened week

Nov 21, 2007 | 07:27 AM | Matthew Lerner

NEW YORK — U.S. aluminum premiums were steady in tepid trading in a holiday-shortened week while most consumers focused on covering their needs for 2008.

The Midwest aluminum premium remained in a range of 3.4 to 4 cents per pound, with more deals reportedly toward the upper end of the range. One trader reported selling several hundred tonnes at premiums of between 3.75 and 4 cents per pound, although he characterized the market as quiet.

A second trader said he was offering between 3.5 and 4 cents per pound and still finding buyers in that range for a little bit of spot business. He said he sold tonnage to Mexico and some extruders who ran short of scrap, as well as to some regular consumers that produce alloys. The trader added that he had turned down a sale at 3.3 cents per pound. "We're not interested in selling at that level," he said. "We believe the....