Midwest aluminum premiums fall amid oversupply
Nov 16, 2012 | 02:35 PM
| Suzy Waite
NEW YORK Seasonality and oversupply dampened spot Midwest aluminum premiums this past week, the first decline since December.
Premiums widened to 10.5 to 11.5 cents per pound from 11 to 11.5 cents previously amid a lack of demand coupled with availability of metal.
"Theres some discounting going on. ... No one is buying spot. All of the traders are long, so theyre still trying for 11 and 11.5 (cents) but you can definitely buy at a discount right now," one trader told AMM.
"We did buy some this (past) week and definitely got wider discounts than we have for months. Clearly its soft out there. And theres more metal available," a consumer added. ....
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