Market pays to secure aluminum in Detroit

Oct 02, 2012 | 03:09 PM | Suzy Waite

Tags  LME warehouses, London Metal Exchange, Detroit warehouse, aluminum, Suzy Waite

NEW YORK — Consumers are paying high premiums to secure aluminum from Detroit within a few days despite the huge queues for material there, traders told AMM.

Traders with access to metal in Detroit can charge premiums of up to $220 per tonne f.o.t. because queues to receive metal have gone out to a year due to the financing deals keeping large stocks in the city’s London Metal Exchange-registered....

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