Aluminum premiums continue to climb
Apr 30, 2012 | 02:37 PM
| Chris Prentice
Tags
aluminum,
warehouse premiums,
copper,
zinc,
lead,
London Metal Exchange,
LME,
chris prentice
NEW YORK — Warrant premiums for aluminum in London Metal Exchange-registered U.S. warehouses have been rising, and traders tell AMM they see little on the horizon to keep them from continuing to climb.
"There’s the contango, the availability," said one trader who put premiums at $135 per tonne.
Warrant premiums for metal in warehouses in Baltimore, Chicago and New Orleans have climbed to an average of $132.50 per tonne, with traders reporting a low of $120 and a high of $140 for the much-desired warrants. They previously had averaged around $107.50 per tonne, with a low of $95 and a high of $125. "If I saw them for less, I’d buy them all day long," the trader said.....
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