Aluminum premiums hit 11-month high

Apr 13, 2012 | 04:12 PM | Suzy Waite

Tags  Aluminum, Midwest premium, ingot, P1020, contango, London Metal Exchange, LME, warehouse Suzy Waite

NEW YORK — Midwest spot aluminum premiums moved above 9.5 cents per pound in the past week for the first time in 11 months as consumers were forced to pay more to secure spot metal amid supply tightness.

Spot premiums rose to between 9.25 and 9.65 cents per pound Thursday—the highest level since May 2011—from 9 to 9.5 cents a week earlier, with one trader closing a few atypical deals above the new range.

Consumer interest rose due to a decrease in aluminum prices on the London Metal Exchange while supply remains restricted as the contango on the LME contract continues to keep metal in LME-registered warehouses.....

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