Bless cites speculation for aluminum price drop

Apr 26, 2013 | 02:55 PM | Michael Cowden

Tags  Century Aluminum, Michael Bless, aluminum prices, LME, London Metal Exchange, commodities, Midwest premium, speculation Michael Cowden

CHICAGO — Century Aluminum Co. has been hit by a global drop in commodity prices—perhaps driven by speculation—at the same time that aluminum capacity continues to increase, according to president and chief executive officer Michael Bless.

Cash prices for aluminum on the London Metal Exchange averaged around $2,000 per tonne in the first quarter, roughly on par with the fourth quarter of 2012, Bless said during a conference call with analysts. But March saw a "rapid" decline in LME prices to a range of $1,850 to $1,900 per tonne. ....

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