Midwest aluminum spot premiums hold firm

May 25, 2012 | 01:42 PM | Suzy Waite

Tags  Aluminum Midwest spot premium, London Metal Exchange, LME, contango, Suzy Waite

NEW YORK — Midwest aluminum spot premiums stayed firm in the past week as the ever-present contango encouraged traders to finance metal in warehouses.

Spot premiums remain in a range of 10 to 10.75 cents per pound. "Premiums are still strong. Ten cents is no problem right now," a trader said.

"We haven’t sold anything under 10.5 (cents) in a while now," a second trader said, noting that he recently closed several deals for small truckloads for immediate delivery at 11.5 cents. ....

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