Midwest aluminum premiums fall amid oversupply

Nov 16, 2012 | 02:35 PM | Suzy Waite

Tags  aluminum, aluminum premium, Midwest premium, London Metal Exchange, warehouse stocks, 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.

"There’s some discounting going on. ... No one is buying spot. All of the traders are long, so they’re 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 it’s soft out there. And there’s more metal available," a consumer added. ....

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