Aluminum premiums slip in slow market

Dec 22, 2011 | 03:26 PM | Suzy Waite

Tags  aluminum premiums, P1020, LME, Suzy Waite

NEW YORK — Midwest aluminum premiums have softened further this week on the back of slow year-end demand and a persisting backwardation on the London Metal Exchange, although most suppliers said they remain optimistic that premiums will bounce back in the new year.

Spot premiums have fallen to between 7.4 cents and 8.1 cents per pound, trader and producer sources told AMM, down from the 7.5- to 8.5-cent range reported in mid-December and well below the 10-cent high reported in the second quarter. Some uncharacteristic deals have been booked as low as 7.1 cents or as high as 10 cents per pound this week, sources said, but most deals are holding on either side of 8 cents.....

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