Aluminum premiums up on low LME price

Mar 14, 2013 | 02:36 PM | Michael Cowden

Tags  Midwest premium, P1020, LME, aluminum prices, backwardation, scrap, zorba, automotive aerospace

CHICAGO — Midwest aluminum premiums have ticked up on low primary aluminum prices, stable demand from end-users and traders, and tight scrap supply.

AMM’s P1020 Midwest premium now stands at 11.5 to 12 cents per pound, up on the low end from 11.35 to 12 cents previously.

Business levels picked up in recent days due to low prices for primary metal and a contango on the London Metal Exchange, some traders said.

"When the price is lower, people aren’t focusing as much on the premium ... so 11.5 (cents) is no big deal," one trader said.....

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