Aluminum buyers return on LME dip

Sep 21, 2012 | 12:31 PM | Suzy Waite

Tags  London Metal Exchange, aluminum, Midwest premiums, contango, backwardation, Detroit, warehouses, Suzy Waite

NEW YORK — Aluminum traders reported an uptick in spot deals this past week as a more-than-3-percent decline in the London Metal Exchange price drew cautious buyers off the sidelines.

Three-month aluminum closed Friday’s trading session at $2,108 per tonne, down 3.1 percent from $2,175.50 per tonne a week earlier.

The Federal Reserve’s latest round of quantitative easing and a subsequent boost in sentiment pushed the price of aluminum over the $2,000-per-tonne mark on Sept. 10 for the first time since May, which curbed spot purchases last week (, Sept. 14). ....

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