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 (amm.com, Sept. 14). ....
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