Wild LME drives 'weird’ scrap market
Dec 08, 2010 | 06:44 AM
| Sean Davidson
The aluminum scrap market was "weird" Tuesday as buyers tried to handle the wild primary aluminum price swings on the London Metal Exchange.
Smelter scrap prices rose a penny across the board, while tags for mill grade scrap settled between 3 and 4 cents per pound higher than last week—although there were large gyrations during the day as trading patterns mirrored the price of primary aluminum.
LME's three-month primary aluminum contract closed Wednesday's second ring at $2,313 per tonne ($1.0492 per pound), down 1.4 percent from the previous day, when the contract opened the day strong, traded high, dipped low and finally ended the same ring at $2,345.50 per tonne ($1.0639 per pound). That was just $2 shy of its Tuesday opening at $2,347 per tonne.....
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