Aluminum premiums steady amid tight supply

Mar 29, 2013 | 11:59 AM | Suzy Waite

Tags  Aluminum, Midwest premiums, Metro International, LME, warehouses, London Metal Exchange, Suzy Waite

NEW YORK — Midwest aluminum spot premiums remain steady at between 11.5 and 12 cents per pound as warehousing games continue to keep supply tight.

In the latest move, canceled warrants in London Metal Exchange-listed warehouses in Baltimore rose by 81,275 tonnes March 21. The material is likely to be delivered to Metro International Trade Services LLC’s warehouses in Detroit rather than going to physical consumers, traders told AMM.

"It’s going to Metro," one trader said. "They want to continue to vacuum up metal. And they were able to strike a deal with whoever held the metal in Baltimore." ....

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